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File #: 0189-18    Version: A Name: Littleport Brewery CDBG RLF (Res. 0094-18)
Type: Communication Status: Passed
File created: 2/22/2018 In control: Redevelopment Authority of the City of Racine
On agenda: Final action: 3/20/2018
Title: Subject: (Direct Referral) Resolution 18-06 recommending approval of a Community Development Block Grant (CDBG) Revolving Loan Fund small business loan for $174,980 for the purpose of equipment and working capital and the creation of at least 5 full time equivalent jobs for Littleport Brewery at 214 Third Street and authorize the RDA Executive Director and Chairman to execute written agreements consistent with federal regulations. (Res. 0094-18) Recommendation of the Redevelopment Authority on 3-1-2018: That the request of Littleport Brewing Company, LLC for use of Community Development Block Grant (CDBG) Small Business Development Revolving Loan Funds be approved. Further that the Mayor, City Clerk, and Director of City Development be authorized to execute written agreements with Littleport Brewing Company, LLC for loan assistance not to exceed One Hundred Seventy Four Thousand Nine Hundred and Eighty and 00/100 Dollars ($174,980.00) for the purpose of creating at least five [5] fu...
Attachments: 1. (0189-18) Resolution 18-06 CDBG SB RLF WWBIC Littleport Brewing Co LLC, 2. (0189-18) Agenda Briefing Memo CDBG-RLF-Littleport, 3. (0189-18) Proposed Loan Summary - Littleport Brewing Company
Related files: Res.0094-18

Title

Subject: (Direct Referral) Resolution 18-06 recommending approval of a Community Development Block Grant (CDBG) Revolving Loan Fund small business loan for $174,980 for the purpose of equipment and working capital and the creation of at least 5 full time equivalent jobs for Littleport Brewery at 214 Third Street and authorize the RDA Executive Director and Chairman to execute written agreements consistent with federal regulations. (Res. 0094-18)


Recommendation of the Redevelopment Authority on 3-1-2018: That the request of Littleport Brewing Company, LLC for use of Community Development Block Grant (CDBG) Small Business Development Revolving Loan Funds be approved.  Further that the Mayor, City Clerk, and Director of City Development be authorized to execute written agreements with Littleport Brewing Company, LLC for loan assistance not to exceed One Hundred Seventy Four Thousand Nine Hundred and Eighty and 00/100 Dollars ($174,980.00) for the purpose of creating at least five [5] full-time equivalent jobs in the CIty of Racine, 51% of which to be held by members of Low/Moderate Income Households, and consistent with federal regulations for CDBG funds and City of Racine SBD-RLF guidelines.

 

Fiscal Note: The Community Development Committee and Common Council allocated CDBG funds for the purpose of assisting businesses through the 2017 Annual Plan.  There are sufficient funds available for this request.