REDEVELOPMENT AUTHORITY OF THE CITY OF KAUKAUNA
A meeting of the Redevelopment Authority of the City of Kaukauna was called to order at 9:00 a.m. on Wednesday, January 29, 2020, by Chairman Feldt.
Members Present: Feldt, Kohne, VanderWyst, Windorff.
Also Present: Principal Planner Brunette, Mayor Penterman, Assistant Fire Chief Schneider, Applicant Kim Mischler.
- Minutes. A motion to approve the minutes of the January 8, 2020, meeting was made by Kohne, seconded by VanderWyst. All members voted aye. Motion carried.
- Loan Request – Sticky Fingers Catering (Kim Mischler). Brunette explained that Ms. Mischler had applied for SBA funding through Associated Bank which was denied at their regional office based on the high risk business classification. Ms. Mischler now intends to apply a 30% personal financial commitment to the project and is requesting 70% from RACK. Mr. Kohne asked if the project would generate sufficient cash flow to service the loan payment. Ms. Mischler explained she has years of culinary experience and feels that the area is in need of a restaurant that is not a bar or fast food. Ms. Mischler will focus her business hours on mornings and lunch as it may be easier to attract employees. Ms. Brunette explained that the personal financial commitment lessens RACK’s risk and the applicant provided a solid business model.
- Executive Session – Sticky Fingers Catering (Kim Mischler). A motion to adjourn to Executive Session at 9:10 a.m. pursuant to Wisconsin State Statutes 19.85(1)(e) to discuss the loan request was made by Windorff, seconded by Kohne. All members voted aye. Motion carried.
- Open Session – Sticky Fingers Catering (Kim Mischler). A motion to return to Open Session at 9:20 a.m. was made by VanderWyst, seconded by Kohne. All members voted aye. Motion carried. A motion to approve the loan request in the amount of $70,700 for seven years at 2% contingent on the following: a first position on the range hood via a security agreement assigned to RACK by the landlord; an agreement between RACK and the landlord to purchase the range hood from RACK for $35,000 in the event of default within three years; and loan funds being dispersed by RACK directly to the equipment vendors, was made by VanderWyst seconded by Kohne. All members voted aye. Motion carried. Brunette explained that Ms. Mischler is still negotiating the price of the range hood and the total project may be less as a result.
There being no further business to be brought before the Authority, a motion to adjourn the meeting at 9:35 a.m. was made by VanderWyst, seconded by Kohne. All members voted aye. Motion carried.
Community Development Coordinator