Community Development Block Grant Revolving Loan Committee

AGENDA OF THE COMMUNITY DEVELOPMENT BLOCK GRANT REVOLVING LOAN COMMITTEE TUESDAY, NOVEMBER 14, 2023, 8:00 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. Zoom Meeting Instructions. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/85074170390 Or call in by phone: +1 312 626 6799 Meeting ID: 850 7417 0390 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. Roll Call. 1. Members: Matt Schueller - Chair, Ace Champion - Vice Chair, Ald. Bill Morgan, Eli Hicks, Kathy Hinkfuss C. Approval of the Agenda. 1. Approval of the agenda for the November 14, 2023, meeting of the Community Development Block Grant Revolving Loan Committee. D. Approval of Minutes. 1. Approval of the minutes from the November 8, 2023, meeting of the Community Development Block Grant Revolving Loan Committee. E. Regular Business. 1. Consideration with possible action on the request by Alwin Manufacturing for a Community Development Revolving Loan Fund Loan for $225,000. Agenda of the Community Development Block Grant Revolving Loan Committee November 14, 2023 Page 1 F. Informational. G. Adjournment. 1) THIS MEETING IS RECORDED: THE VIDEO OF THIS MEETING AND MINUTES ARE AVAILABLE ONLINE AT www.greenbaywi.gov 2) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 3) QUORUM: Please take notice that a majority or quorum of the Common Council will attend this Community Development Block Grant Revolving Loan Committee meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 4) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Community Development Block Grant Revolving Loan Committee November 14, 2023 Page 2  Report to the Community Development Block Grant Revolving Loan Committee of the City of Green Bay MEETING DATE PREPARED BY November 14, 2023 Wendy Townsend, Economic Coordinator AGENDA ITEM # E.1 Consideration with possible action on the request by Alwin Manufacturing for a Community Development Revolving Loan Fund Loan for $225,000. BACKGROUND Alwin Manufacturing Co., Inc. has submitted an application for a Community Development Revolving Loan (CD-RLF) to buy equipment for their 1100 W. Mason Manufacturing plant. They have requested $250,000. The equipment will be used for a new product line that is being added. They will be making a capital investment of more than $1 million in equipment and acquisitions. Alwin Manufacturing anticipates creating at least 7 full-time positions, of which 4 will be offered to low to moderate income individuals per HUD guidelines. First Business Bank will be participating in this transaction with a commitment of $500,000. If approved, the City of Green Bay will file a UCC on the new equipment as collateral. A 10-year amortization is requested with a 4% interest rate. RECOMMENDATION To approve the Community Development Revolving Loan Fund request from Alwin Manufacturing Co., Inc. to purchase equipment for their 1100 W. Mason Manufacturing plant. The equipment loan amount will be $225,000 amortized over 10 years with an interest rate of 4% with a UCC filing on the equipment. We will require Alwin Manufacturing to create at least 7 full-time positions, of which 4 will be offered to low to moderate income individuals per HUD guidelines and that First Business Bank will be participating as the primary lender in this transaction with a commitment of $500,000. FISCAL IMPACT ATTACHMENTS 1. Alwin - Application 2. Alwin Debt Schedule 9-30-2023 3. Final Report Financial Statements SV - Alwin 2022 4. Alwin 3 Year Projections 2024-2026 5. Brush business plan 2 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov