REDEVELOPMENT AUTHORITY OF THE CITY OF KAUKAUNA
A meeting of the Redevelopment Authority of the City of Kaukauna was called to order at 4:00 p.m. on Monday, December 14, 2020, by Chairman Feldt. This meeting was held remotely via teleconference.
Members Present: Feldt, Landreman, Lindeman, Moore (at 4:35 p.m.), VanderWyst, Verhagen.
Also Present: Planning Director Jakel, Principal Planner Brunette, Brian Roebke, Applicant Sebastian Schmidt.
Absent and Excused: Windorff.
- Minutes. A motion to approve the minutes of the December 4, 2020, meeting was made by Verhagen, seconded by Landreman. All members voted aye. Motion carried.
- Update on Loan to Sticky Fingers Catering (Kim Mischler) . Brunette explained that the loan was previously approved in January for the purpose of renovating the facility for a café and catering business. The applicant intended to negotiate the cost of the equipment so approval was issued for up to 70% of the cost up to $70,700 and secured by a security agreement with the landlord to guarantee $35,000. Ms. Mischler has amended her plan to install a commercial range hood in favor of other equipment that will cost less to install, operate and maintain. The newly proposed equipment will be of equal value but would not be considered a fixture in the building. Mr. Jakel explained that while it is preferred to secure the loan with fixed items as they have value, RACK would have the option to take a first position on the equipment. Ms. Brunette explained that Ms. Mischler and her vendor have been very cooperative and will provide serial numbers on the equipment. The change in equipment will not affect the nature of the business. A motion to amend the loan agreement to include a first position on the equipment was made by VanderWyst, seconded by Verhagen. All members voted aye. Motion carried.
- Review Loan Application – Modix, Inc. (Sebastian Schmidt). Jakel explained that RACK had questions for Mr. Schmidt relative to liabilities and financial statements. Mr. Schmidt gave a history of the business along with his background and explained the construction methods proposed for the net-zero building.
- Executive Session – Modix, Inc. (Sebastian Schmidt). A motion to adjourn to Executive Session at 4:35 p.m. pursuant to Wisconsin State statute 19.85(1)(e) was made by Landreman, seconded by VanderWyst. All members voted aye. Motion carried.
- Open Session – Modix, Inc. (Sebastian Schmidt). A motion to return to Open Session at 5:20 p.m. was made by Landreman, seconded by Verhagen. All members voted aye. Motion carried. A motion to approve the loan request to Modix, Inc. in the amount of $150,000 for 15 years at 3.97% (to match the conventional loan rate) secured by the second position behind conventional financing and contingent on the building façade adhering to the site plan as approved by the Industrial Park Commission was made by Landreman, seconded by Moore. All members voted aye. Motion carried.
There being no further business to be brought before the Authority, a motion to adjourn the meeting at 5:40 p.m. was made by Moore, seconded by Verhagen. Upon roll call, all members voted aye. Motion carried.
Community Development Coordinator