Community Development Block Grant Revolving Loan Committee

AGENDA OF THE COMMUNITY DEVELOPMENT BLOCK GRANT REVOLVING LOAN COMMITTEE WEDNESDAY, NOVEMBER 8, 2023, 8:00 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. Zoom Meeting Instructions. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/89637761005 Or call in by phone: +1 312 626 6799 Meeting ID: 896 3776 1005 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. Roll Call. C. Approval of the Agenda. D. Approval of Minutes. E. Regular Business. 1. Consideration with possible action on the request from Jeena Tax Solutions for a modified Revolving Loan Fund amount of $165,000 and a Working Capital Loan for $35,000. F. Informational. G. Adjournment. 1) THIS MEETING IS RECORDED: THE VIDEO OF THIS MEETING AND MINUTES ARE AVAILABLE ONLINE AT www.greenbaywi.gov Agenda of the Community Development Block Grant Revolving Loan Committee November 8, 2023 Page 1  2) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 3) QUORUM: Please take notice that a majority or quorum of the Common Council will attend this Community Development Block Grant Revolving Loan Committee meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 4) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Community Development Block Grant Revolving Loan Committee November 8, 2023 Page 2  Report to the Community Development Block Grant Revolving Loan Committee of the City of Green Bay MEETING DATE PREPARED BY November 8, 2023 Wendy Townsend, Economic Coordinator AGENDA ITEM # E.1 Consideration with possible action on the request from Jeena Tax Solutions for a modified Revolving Loan Fund amount of $165,000 and a Working Capital Loan for $35,000. BACKGROUND Jeena Tax Solutions was approved for a Community Development Block Grant Revolving Loan Fund (CDBG-RLF) loan in the amount of $225,000 on 10/13/23. She unfortunately missed out on purchasing the property she was hoping to purchase on Western Avenue. She is now requesting to purchase a different property on 9th Street for $165,000 and asking for a working capital loan for $35,000. The $165,000 CDBG RLF loan is asked to be structured with the following conditions; a 4% interest rate amortized over 20 years with the first 6 months being payments of interest only. The City of Green Bay will have a first position on the mortgage and a personal guarantee from the borrower. The Working Capital Loan will have an interest rate of 5% for 3 years and will require a personal guarantee. JTS will need to create 6 low to moderate income positions over the next 18 months per HUD guidelines. RECOMMENDATION Approve the request by JTS for the CDBG RLF in the amount of $165,000 to purchase the property 1028 9th Street. The City will be in first place on the mortgage and this loan will have a 4% interest rate for 20 years with the first six months of interest-only payments and a personal guarantee. The Working Capital loan will have an interest rate of 5% for 3 years and a personal guarantee. The borrower agrees to create six low to moderate income positions over the next 18 months per HUD guidelines. FISCAL IMPACT ATTACHMENTS 1. signed commercial_offer_to_purchase 2. Aerial Map 3. Property Tax & Summary Report 4. Property information 1028 9th St 5. 1_revised-final_1028 9th CGB RLF Application 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov