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APPROVING SHARRATT WAREHOUSING AND DISTRIBUTION, LLC COMMUNITY DEVELOPMENT BLOCK GRANT REVOLVING LOAN FUND APPLICATION
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Committee Status:
Approved
Budget Status:
Budgeted
Decision Impact:
Routine
FTE Impact:
No
Funding Source:
Other (see budget status)
Purpose
To approve the Sharratt Warehousing and Distribution, LLC Community Development Block Grant Revolving Loan Fund Application.
Background
Resolution 75-04 created the countywide Revolving Loan Fund to support economic development efforts within Sauk County. The purpose of the fund is to offer business loans to those seeking to expand or create new operations. As of June 5, 2018, a total of $ 295,926.49 is available in the Revolving Loan Fund for distribution to applicants. The Revolving Loan Fund Committee has recommended that a loan in the amount of $235,926.49 be made to Sharratt Warehousing and Distribution, LLC provided appropriate collateral can be secured, as the proposal is consistent with the intent of the Revolving Loan Fund. The loan will support the building and expansion of a temperature-controlled warehouse supported by railroad in Reedsburg, Wisconsin.
Resolution Files:
Budget Status (Other/External Sources):
Funds to be expended from the CDBG-RLF account. The current balance of the Revolving Loan Fund is $295,926.49.
Resolution Body
NOW, THEREFORE, BE IT RESOLVED, that the Sauk County Board of Supervisors, met in regular session, does authorize the distribution of $235,926.49 from the Community Development Block Grant - Revolving Loan Funds to the aforementioned small business; and,
BE IT FURTHER RESOLVED, that the Revolving Loan Fund Committee is authorized to negotiate the loan terms consistent with the Revolving Loan Fund manual; and,
BE IT FURTHER RESOLVED, that the Revolving Loan Administrator is hereby authorized to sign all necessary documents on behalf of Sauk County in accordance with this resolution.
For consideration by the Sauk County Board of Supervisors on June 19, 2018.
Requested Board Review Date:
Tuesday, June 19, 2018
Committee Review 1:
Pending
Committee Review 1 Date: