ORGANIZATION: Westside Development Corporation (WDC) - Board of Directors
POSTING LANGUAGE:
Discussion and possible action 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:
Mr. William Lambert has submitted a $50,000 loan request for working capital and leasehold improvements. The Board will consider the application.
BACKGROUND INFORMATION:
General
Mr. William Lambert has submitted a loan application to the Westside Development Corporation (WDC) for $50,000 to be used for working capital and leasehold 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.
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 for the business who has skills in management, exhibit installation, retail, and customer/artist relations. This will enable the Director of the business to move away from day to day management and back into ensuring projects are profitable. The leasehold improvements will consists of general updates to the building 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 loan with staff and asked staff to obtain a list of collateral to be utilized to secure the loan from Mr. Lambert. The Project Committee voted to approve the loan and refer it onto the WDC Finance committee and WDC Board...
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