| | | | | | | | 
Shakopee Economic Development Authority
August 15, 2017
|
| | | | | | | | | FROM: | Michael Kerski, Planning & Development Director | | TO: | EDA Commissioners |
|
| | | | | | | | Subject:
Façade Loan in the amount of $30,000 for the rehabilitation of 124 First Avenue West |
| | | | | | | | Policy/Action Requested:
Vote on awarding a Façade Loan in the amount of $30,000 for the rehabilitation of 124 First Avenue West. |
| | | | | | | | Recommendation:
Approval of a Façade Loan to Teresa Hoffman and Brett James Hoffman as outlined in their application including providing additional drawings, details and materials for proposed work. The total amount of the loan shall be a fifty percent match of the total construction costs and the loan amount shall not exceed $30,000. Staff is authorized to execute the appropriate loan documents for a 5 year loan schedule. |
| | | | | | | | Discussion:
The Pullman Club is a historic business in Downtown Shakopee. Over many years, the exterior has been radically changed from its historic appearance. The Applicants are proposing to up date many of elements of the building including windows and awnings. The Applicants have requested a match of $49,000 on a total construction cost of $98,000 that excludes an additional $15,000 they are proposing to spend on the roof.
There is a lack of detail in the proposal and staff would recommend that the Applicant provide additional information on materials, details and colors for the portions that are program eligible.
Since the Applicants are not restoring the building and are also doing a patio area, staff recommends that the loan amount be capped at $30,000 since in order to receive additional funds, the Commissioners typically do not fund per their policy items like patios and this is not a restoration per the Downtown Design Guidelines. |
| | | | | | | | Budget Impact:
The City currently has $240,000 in the Façade Improvement Program. If the Commissioners approved 120 First Avenue, 126 Holmes Street S, 124 First Avenue West the balance is $122,250. If funded at $30,000 for this Application, the fund balance will be $92,250. |
|