ORGANIZATION: Westside Development Corporation (WDC) - Finance Committee
POSTING LANGUAGE:
Discussion and possible action on a recommendation to the Board of Directors to modify the terms of a loan agreement with William Lambert, dba French and Michigan, in an amount up to $50,000.
SUMMARY:
Mr. Lambert owns a design firm and art gallery. He requests a loan from the WDC for use in working capital and modest interior improvements allowing for the expansion of business capacity.
The business is located along the Fredericksburg Road corridor in Council District 1, an area that is a focus of revitalization efforts by the WDC.
BACKGROUND INFORMATION:
Mr. Lambert's business recently underwent a lengthy rezoning process that greatly depleted the cash reserves. In response, the business made immediate reductions in operating expenses. The business has now stabilized and seeks to increase revenue by restoring its workforce to earlier levels.
ISSUE:
ALTERNATIVES:
FISCAL IMPACT:
RECOMMENDATION:
Staff recommendation is pending.
MRH - 150427 - Finance - Item 6 Memo