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HomeMy WebLinkAboutMinutes - 5/20/1998 - Revolving Loan Fund Committee `'" REVOLVING LOAN COMMITTEE MINUTES May 20, 1998 Members F�resent : Mayor Steven Cuda, Alderman Steven Murgatroyd, Alderman Frank McClatchey. Alderman William Baird arrived at 7 :22 p.m. Others PY•esent : City Clerk Althoff, Alderman William Bolger, Alderman Andy Glab, City Administrator Lobaito, City Attorney McArdle, Petitioner Joseph Rubino. Revolving Loan Committee Chairman Mayor Cuda opened the meeting at 7 : 10 p.m. He introduced and offered apologies to Mr. Rubino for the tardy consideration of his application. He explained, however, these funds were being held in reserve for a previous applicant, Fabrik Industries . City Administrator Lobaito provided the committee with a brief procedural outline and explained the revolving loan consideration criteria. In response to the committee request, Mr. Rubino made a verbal presentation of his business plans and loan request . �, Mr. Rubino noted the imminent opening of auto parts competition, Auto Trak. He stated in order to remain competitive he needed to expand his inventory requiring the purchase of additional fixtures . IN addition, building repairs need to be addressed, including roof repairs, and parking lot improvements . In response to Alderman Murgatroyd' s inquiry, Mr. Rubino stated the increase in inventory will, in all likelihood, require the hiring of two additional employees . In addition, the improvements would allow him to retain all eleven current employees . In response to Attorney McArdle' s inquiry, Mr. Rubino stated the building could be used as collateral . City Administrator Lobaito informed Mr. Rubino the revolving loan program was a 50o matching loan up to $50, 000 . If Mr. Rubino' s total project cost was $50, 000, the Committee would consider a loan up to $25, 000 . Loan terms and interest rates are at the Council' s discretion. Some discussion followed. Alderman Murgatroyd noted Mr. Rubino had been a City of McHenry businessman for seventeen years . He stated his support of the project subject to additional information. Aldermen Bolger and McClatchey stated their support for the project also. Alderman Baird arrived at 7 :22 p.m. � � Revolving Loan Committee Meeting May 20, 1998 Page Two The Committee directed Mr. Rubino to provide specific cost analysis for committee review. City Administrator Lobaito would be available for assistance . Motion by Baird, seconded by Murgatroyd, to adjourn at 7 :26 p.m. Voting Aye : Cuda, Baird, McClatchey, Murgatroyd. Voting Nay: None. Absent : None . Motion carried. The meeting was adjourned at 7 :26 p.m. Submitted, � --� < , � , _��<%-p 1;< �-:�I._� ��%�- i� ``--- Pame a J. Althof , City Cl�ezl�7 _, z � �