ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a LOAN from the City's Revolving Loan Funds to SUDHEER AND RAJANI SAJJA (PRINGLE TECHNOLOGIES), in the Amount of $350,000.00, and to Authorize the City Manager to Execute the Necessary Documents.
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BACKGROUND: Sudheer and Rajani Sajja, owners of Pringle Technologies Inc., are seeking to purchase 47 acres of Industrial zoned land (I-1) and lease the facilities located on the property to Pringle Technologies Inc.
Pringle Technologies Inc. currently employs 129 world-wide, 18 in Peoria, and 10 more in the USA. They will occupy 6,000 sf of office and 10,900 sf of warehousing among three buildings in "As Is" condition. Please see Exhibit A for details on the property. It is believed the existing facilities should provide operational growth for Pringle Technologies Inc. up to the end of 2022. When the business outgrows the available space, Pringle will be able to build a new office, assembly, and warehouse facilities within the 47-acre parcel.
Company Background
Pringle Technologies Inc. was incorporated on August 30, 2004 and is 100% owned by Rajani Sajja with Sudheer Sajja serving as the CEO. Pringle Technologies Inc is a software development company that provide digital platforms that streamlines and integrates the following functions/operations for their clients: a) website, b) ecommerce and product catalogs, c) point of sale systems, d) credit card processing, e) social media integration, and f) call center services. The Pringle Technologies Inc. platforms mainly serve the restaurant industry, but their product/service lines extend to other industries including logistics, education, retail, and non-profits.
Key product/service lines and revenue streams include a) Pringle Pay, b) Pringle-Card Point, c) Smart Kitchen, d) e-Agent, and e) Software subscription. An innovative product/service line Pringle Robotics has emerged.
Pringle Ro...
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