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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: Originating Department: Presented By: Agenda Item No.: <br />March 4, 2008 Community Lisa A. Wright, Director <br />Council Date: Development 24 <br />March 10, 2008 <br />RECOMMENDED MOTION: <br />Approve a resolution approving submission of an application for $100,000.00 of Rural Business <br />Enterprise Grant - Revolving Loan Fund (RBEG-RLF) funds to purchase a commercial building in order <br />to allow a local business to expand its operation and hire additional employees. <br />POLICY ISSUE(S~: <br />BACKGROUND: <br />The City of Paris is the recipient of $200,000.00 in Rural Business Enterprise Grant - Revolving Loan <br />Fund (RBEG-RLF) funds to assist small and emerging businesses. In 2003, the City of Pans provided a <br />$100,000.00 loan to Charles Fulbright to construct a restaurant, leaving a remaining balance of <br />$100,000.00 funds available to the City. <br />Kenneth White, d.b.a. White's Flooring Depot, contacted the City to inquire about any possible <br />assistance to help him purchase a new building in order to expand his operation and hire additional <br />employees. He and his financial institution were made aware of the RLF funds and are now formally <br />requesting assistance to help with the purchase of the building located at 2030 N. Main Street. The <br />expansion wi11 allow Mr. White to add two (2) additional employees to his payroll. <br />BOARD/COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />Loan summary and required submittal information to the USDA. <br />ACTION: BUDGET INFO: <br />❑ Financial Report ❑ Minute Order Expense $100,000.00 <br />❑ Department Report ~ Resolution Budgeted Amt. $100,000.00 <br />❑ Presentation ❑ Ordinance yTD Actual $ <br />❑ Public Hearing ❑ Other Acct. Name Revolving Loan Fund <br />Acct. Number <br />FISCAL NOTES: <br />These grant funds are repayable to the City under the terms and condirions stated on the loan summary. <br />REVIEWED AND APPROVED BY: <br />,gJJ Administration City Clerk ~ Community Development ❑ EMS/IT ❑ Finance ❑ Fire <br />Munici al Court Le al Libra Police En . Public Works Utilities <br />City of Paris Revised 2/04/08 <br />