Item Coversheet

4.B.


Shakopee Economic Development Authority
August 3, 2022


FROM: Michael Kerski, Planning/Development Director 
TO:President and Board Members
Subject:
Request for a Facade Improvement Loan for 138 Lewis Street
Policy/Action Requested:
Approval of a reimbursable Facade Improvement Loan for 138 Lewis Street for replacement of windows in the amount of $28,995, which is 50% of the cost of $57,990.
Recommendation:
Approve loan.
Discussion:

William J. Wermerskirchen has applied for a facade improvement loan for the building at 138 Lewis Street.  He is proposing to replace the existing aluminum windows and doors with new thermal windows with black frames.

 

He has received two bids and also supplied the EDA with the necessary proof of insurance.

 

The EDA's program is a reimbursable program so he will have to complete the work and then submit evidence of final billing.  As part of this grant, his contractor will need to apply for a building permit and receive a final approval inspection before any payment will be made.

 

As part of this program, the owner will be required to file a payable note to the EDA to ensure that if the building is sold or transferred or refinanced over the next five years, the EDA is repaid a pro-rata share of the loan.

Budget Impact:
ATTACHMENTS:
Description
Application
Bid 1
Bid 2
Drawings
Photo1
Photo2
Photo3
Photo4
Photo5