ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a Loan from the City's REVOLVING LOAN FUND to POP-A-SHOT LLC & FOLDAN VENTURES LLC, in the Amount of $250,000.00, and to Authorize the City Manager to Execute the Necessary Documents.
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BACKGROUND: Pop-A-Shot LLC (PAS) is seeking to relocate their business to Peoria and plan to lease 7,700 sf (two floors) from Foldan Ventures LLC (Foldan). Foldan has purchased 918-926 SW Adams which consist of four buildings on a half-acre (26,780 sf) lot. A view of the property and parcels are attached (see RLF Application) The buildings altogether contain nearly 18,500 sf of leasable space of which 14,000 sf, or 76% would be occupied by a total of five tenants after a new lease is signed by PAS, and other leases are renewed.
A total investment of $1.65 million is planned by PAS and Foldan. The building was purchased in April for $450,000, and demolishing of storage building 4 is underway. However improvements of $1.2 million remain to Building 3.
Renovation of Building #3 (921 May Street) is to be leased by PAS will include: a) a complete gutting, b) a new roof, c) new mechanicals, d) elevator, and e) the replacement of stairs, new entry way, and windows. Renovation of building is planned for obtaining historic tax credits, which would provide income tax credits up to investor Foldan Ventures LLC.
Company Background
Pop-A-Shot (https://www.popashot.net) was founded in 1981 in Salinas, KS where it created the first electronic arcade basketball game. It has since became synonymous with arcade basketball games.
In July 2016 Anthony Stucker bought the company, and since then its revenue has dramatically increased due to Mr. Stucker's expertise in sales and marketing. He has over 30 years of experience in media, advertising, publishing, sales, and social media. In addition, Kelly Stucker his wife, with extensive expertise in marketing, will be ...
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