Community Development Block Grant Revolving Loan Committee

AGENDA OF THE COMMUNITY DEVELOPMENT BLOCK GRANT REVOLVING LOAN COMMITTEE FRIDAY, MAY 24, 2024, 11:00 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. Zoom Meeting Information. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/88617895694?pwd=L2lhZ1RyMGxISUMvaHgxcFlRQVdrQT09 Or call in by phone: +1 312 626 6799 Meeting ID: 886 1789 5694 Passcode: 109579 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: Chair Matt Schueller, Vice-Chair Ace Champion, Ald. Bill Morgan, Eli Hicks, Ald. Kathy Hinkfuss C. Approval of the Agenda. 1. Approval of the agenda for the May 24, 2024, meeting of the Community Development Block Grant Revolving Loan Committee. D. Approval of Minutes. 1. Approval of the minutes from the November 14, 2023, meeting of the Community Development Block Grant Revolving Loan Committee. E. Regular Business. 1. Consideration with possible action on the request by White Dog, LLC to revise their Community Development Revolving Loan Fund loan agreement to include a new subordination agreement which includes new terms with their primary lender. Agenda of the Community Development Block Grant Revolving Loan Committee May 24, 2024 Page 1 F. Informational 1. Community Development Revolving Loan Fund Status Report for May 2024. 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 May 24, 2024 Page 2  Report to the Community Development Block Grant Revolving Loan Committee of the City of Green Bay MEETING DATE PREPARED BY May 24, 2024 Wendy Townsend, Economic Coordinator AGENDA ITEM # E.1 Consideration with possible action on the request by White Dog, LLC to revise their Community Development Revolving Loan Fund loan agreement to include a new subordination agreement which includes new terms with their primary lender. BACKGROUND White Dog LLC was approved for a $30,000 revolving loan fund loan on June 4, 2020, at 4% fixed interest for a 10-year period secured with a mortgage on the property at 201 S Broadway and a promissory note signed by Nicole Greenwald and Anthony Wiltgen. White Dog LLC is asking to combine and pay off their Fortifi notes of $210,247.00 and increase their primary business loan for White Dog LLC by $49,253.00 to $260,000 and is asking for the City loan to be in a subordinate to this new business loan. RECOMMENDATION Approve the request by White Dog LLC to subordinate the City's RLF loan fund loan to their primary loan with Fortifi Bank including the new amount of $260,000 and new terms, secured with a second position mortgage and promissory note of both owners. FISCAL IMPACT ATTACHMENTS 1. White Dog - Signed loan docs 2. Commitment Letter 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov  Report to the Community Development Block Grant Revolving Loan Committee of the City of Green Bay MEETING DATE PREPARED BY May 24, 2024 Stephanie Schmutzer, Staff AGENDA ITEM # F.1 Community Development Revolving Loan Fund Status Report for May 2024. BACKGROUND RLF loan status report for May 2024. RECOMMENDATION Receive and place in file. FISCAL IMPACT ATTACHMENTS 1. CDRLF Status open files 100 North Jefferson Street, Green Bay, Wisconsin 54301-5026 greenbaywi.gov  CD-RLF Loan Status for Open Accounts 5/23/2024 Next Contract Loan Loan Payment Last payment Date Amount Balance Amount Payment Notes applied to 1 929 Cedar, LLC 09/15/17 $ 250,000 $162,297.49 $1,849.22 5/20/2024 Current 1-Jun-24 2 Alwin Manufacturing 11/14/23 $ 225,000 $215,755.14 $2,278.02 5/20/2024 Current 1-Jul-24 American Tent LLC - 3 06/15/21 $ 215,000 $174,963.10 $612.25 5/20/2024 Interest Only 1-Jun-24 EQUIP American Tent LLC - 4 06/16/21 $ 35,000 $28,482.31 $99.67 5/20/2024 Interest Only 1-Jun-24 WC 5 Badger Brewing - eq 11/27/18 $ 140,000 $118,647.01 $877.62 5/20/2024 Current 1-Jun-24 Badger Brewing - 6 11/27/18 $ 110,000 $5,307.87 $2,533.70 5/20/2024 Current 1-Jul-24 const. 7 Bambu Green Bay 05/05/23 $ 35,000 $21,509.86 $1,048.99 5/22/2024 Current 1-Jul-24 8 Bay Area Burgers 07/07/22 $ 35,000 $29,097.00 $725.15 4/30/2024 Past Due 1-Feb-24 Credit Management 9 12/29/16 $ 81,500 $49,018.66 $602.85 5/15/2024 Current 1-Jun-24 Control, Inc Gather on Broadway- 10 06/15/16 $ 117,000 $40,450.44 $1,465.69 5/15/2024 Current 1-Jun-24 eq 11 Gentle Vet 04/08/22 $ 150,000 $150,000.00 $500.00 5/20/2024 Interest Only 1-Jun-24 Historic West 12 10/11/18 $ 87,000 $64,395.14 $1,100.00 5/7/2024 Current 1-Jun-24 Theater, LLC 13 Initiative One 02/24/15 $ 105,000 $12,485.25 $1,063.07 4/30/2024 Current 1-Jul-24 Jenna Tax solutions - 14 10/13/23 $ 35,000 $31,314.93 $1,033.34 4/9/2024 Past Due 1-May-24 WC Jenna Tax solutions - 15 10/13/23 $ 165,000 $165,000.00 $550.00 4/9/2024 Past Due 1-May-24 Building 16 Legacy Green Bay #1 04/08/22 $ 150,000 $141,825.57 $1,656.15 5/22/2024 Current 1-Jun-24 17 Legacy Green Bay #3 10/01/23 $ 100,000 $96,581.65 $1,012.46 5/22/2024 Past Due 1-May-24 18 Mason Realty LLC 10/02/18 $ 250,000 $31,415.36 $2,531.13 4/30/2024 Current 1-Jul-24 19 Motel 6 (PSR) 03/16/22 $ 250,000 $219,636.30 $1,849.22 5/15/2024 Current 1-Jun-24 U&I Movers Express, 20 12/21/16 $ 147,200 $86,945.67 $1,088.82 5/22/2024 Current 1-Aug-24 LLC 21 White Dog 06/04/20 $ 30,000 $13,429.43 $303.75 12/27/2023 Current 1-Jun-24 $2,712,700.00 $1,858,558.18 $24,781.10