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 FOLDAN VENTURES LLC, POP A SHOT LLC, AND ANTHONY STUCKER, in the Amount of $100,000.00, and to Authorize the City Manager to Execute the Necessary Documents.
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BACKGROUND: Foldan Ventures LLC (Foldan) is seeking to finance a buildout for Prairie Engineering (PE), an existing tenant at 926 SW Adams Street. PE is a civil, structural, mechanical, electrical, and environmental engineering firm based out of Columbia with a total of six offices in IL, IA, and MO. PE plans to relocate from the first floor (Unit 120 consisting of 750 sf) and expand their operations to Unit 220--an unfinished space of 2,950 sf on the second floor. The expansion also includes growing from 5 to 10 employees. Foldan's buildout cost, estimated at $300,000, will be factored into PE's five-year lease. To make Foldan eligible to receive City financing, PE will be pledging at least four jobs to Foldan which would allow for the covering of one third of the buildout cost, or $100,000.
In addition to leasehold improvements, Foldan plans to invest an additional $350,000 on the building to include a) roof repairs, b) tuckpointing, c) common area, and d) an elevator to 926 SW Adams.
On May 14, 2019 the City approved a $250,000 loan with Foldan for the relocation of Pop-A-Shot to 918 SW Adams. The loan of $100,000 for the relocation of Prairie Engineering is a separate project and will be an additional loan above and beyond current loans.
Company Background
Foldan serves as a real estate holding company owned by Anthony Stucker. On March 15, 2019 Foldan purchased 918 -926 SW Adams. After obtaining construction loan with the City on May 14, 2019 a small garage was demolished, 926 was left "as is", and 918 SW Adams was renovated for $1.5 million for Pop-A-Shot's headquarters and warehouse. On Sep 11, 2019 Foldan purchased 933 SW Washingto...
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