HomeMy WebLinkAbout4.C. Consideration of a Commercial Exterior Imprvmnt Program Loan for Booyah Properties LLC. General Business
4. C.
SHAKOPEE
TO: Economic Development Authority
FROM: Samantha DiMaggio,Economic Development Coordinator
DATE: 09/16/2014
SUBJECT: Consideration of a Commercial Exterior Improvement Program Loan for Booyaah Properties,LLC
Background
Booyaah Properties,LLC has requested assistance in the form of a deferred loan from the City's Commercial
Exterior Improvement Program for the property located at 321 1st Avenue West, Shakopee,MN. If the application
is approved,the following work will be done to the exterior of the building:
•Roof Replacement
•Koncote and Cultured Stone Application
Two estimates were received:the first was for$70,803 and the second was for$77,330.Booyaah Properties,LLC
is requesting a deferred/forgivable loan in the amount of$35,401.50.
This property is currently vacant but the building owner feels the improvements will help secure a tenant for the
property.
The Commercial Exterior Improvement Committee(A member of the EDAC,a former Historic Preservation
Advisory Committee Member,a Shakopee Chamber Staff Member and City Staff)met on Thursday, September
11,2014 and recommended this forgivable loan be approved in the amount of$25,000.
Action Sought
If the EDA concurs,it should,by motion, approve a Commercial Exterior Improvement Loan in the recommended
amount of$25,000. If the Council has an alternative direction, it should so state. The EDA should also authorize
the appropriate officials to enter into Repayment Agreement with Booyaah Properties,LLC, 321 1st Avenue West,
Shakopee.
Attachments: Applications
Photos of the Property
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