Finance Committee

Finance Committee Meeting Minutes June 5, 2018 Chairman Zwart called the meeting to order at 7:35 PM. Members Present: Aldermen Zwart and Rosek Staff Present: Mayor Nold, Kitsembel, Freber, Pickart, Gallo, Kelliher, Buerger, Duffy, Frye, Bleck and Coenen Others Present: Alds. Miller, Kowieski, Ellis, Shaw and Strey, and Atty. Riffle 2. Consider/recommend Authorizing Funds for Façade Improvement Grant Project (110 N. Main St) Duffy reported in 2017 Council approved creating a Major Façade Loan Program. Since that time staff has been working with the property owner for 102 – 108 N. Main St who will be doing façade improvements. It has been determined a portion of the structure was split off as a condominium unit, owned separately, so staff has been working with the owner of 110 N. Main St to determine the opportunities available to assist in bringing the entire structure back to its former state. The façade improvements for the other portion of the Mann Block building will cost approx. $60K. Duffy has been working with the building owner and First Bank to collectively fund the improvements and to be consistent, the City would provide grant dollars in the amount of 25% or $15K; the bank loan pool would provide $25K and the building owner $20K. Per the CDA By- Laws, anything over $10K needs approval from Council before the CDA can approve. Motion by Rosek to recommend authorizing funds for façade improvements at 110 N. Main St; second by Zwart. Motion carried 2-0. Motion by Rosek to adjourn; second by Zwart. Motion carried 2-0. The meeting adjourned at 7:37 PM. Minutes taken by Diane Coenen, City Clerk Ald. Rosek, Secretary S:\Committees - Commissions\Finance\Minutes\2018\FCMin6-5-18.doc