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Shakopee Economic Development Authority
March 21, 2017
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| | | | | | | | | FROM: | Samantha DiMaggio, Economic Development Coordinator | | TO: | Economic Development Authority |
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| | | | | | | | Subject:
Façade Improvement Program Loan -- Pablo's Mexican Restaurant |
| | | | | | | | Policy/Action Requested:
The EDA is asked to consider a Façade Improvement Program Loan for Pablo's Mexican Restaurant. |
| | | | | | | | Recommendation:
Staff is recommending an award of $25,000. |
| | | | | | | | Discussion:
The owners of Pablo's Mexican Restaurant, located at 230 South Lewis Street in downtown Shakopee, are requesting a deferred/forgivable loan in the amount of $79,205. If approved, the following work will be completed to the exterior of the building:
- Signage
- Stucco/Siding/Stone improvements
- Windows
The total estimated project costs for the exterior improvements are $179,205. A second estimate was received which showed the total project cost being $193,457. |
| | | | | | | | Budget Impact:
The façade program was funded at $130,000 for 2017 and no funds have been awarded to date. |
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