ORGANIZATION: Westside Development Corporation (WDC) - Project Committee
POSTING LANGUAGE:
Discussion and possible action on a recommendation to the Board of Directors regarding a loan agreement with William Lambert, dba French and Michigan, in an amount up to $50,000 for working capital and building improvements.
SUMMARY:
The WDC provides loans as a means of attracting or expanding businesses in the target area. The source of funds for this year's program is provided by the City of San Antonio.
The Committee will consider an application for a loan from Mr. William Lambert, dba French and Michigan, and provide a recommendation to the Board of Directors.
Mr. William Lambert has submitted a loan application to the Westside Development Corporation (WDC) for $50,000 to be used for working capital and building improvements for his business.
The business is a multidisciplinary studio, workshop, and gallery devoted to strengthening collaboration between art and design through the development of visual and built environment. The business provides local artists gallery space for exhibitions, construction of furniture as artistic design, and residential and business design services.
BACKGROUND INFORMATION:
General
WDC staff has made an initial review of the application which was received on March 19, 2015. WDC staff submitted the loan application to the WDC Project Committee for review on March 25, 2015.
The $50,000 loan will be used to provide working capital to hire a new employee and building improvements, which will consist of general updates to provide working space for the new employee, better art and library storage, and expansion on printing services provided for artists.
The WDC Project Committee reviewed the application on March 25, 2015, followed by the Finance Committee on April 27, 2015. The Finance Committee has returned it to the Project Committee for further review.
ISSUE:
ALTERNATIVES:
FISCAL IMPACT:
The Project Fund will be reduced by the am...
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