To Approve Application and Authorize Loan from the Business Investment Incentive Fund (Feast Bakery Café, Petitioner)
This resolution approves and authorizes a loan from the City of Bloomington’s Business Investment Incentive Fund (BIIF) to Feast Bakery Café for the purpose of purchasing and installing equipment and furniture at 581 West Hillside Drive. This resolution also waives the requirement that the loan be made to property within the former Downtown Development Opportunity Overlay (DDOO) District. The loan is in the amount of twenty-five thousand dollars ($25,000) and subject to an interest rate of 1.25%. It is subject to all specific terms and conditions contained in the City of Bloomington’s Economic Development Commission resolution approving the loan, as well as, the guidelines and procedures contained in Common Council Resolution 99-17. Note: This resolution was revised after it was released in the weekly packet and before it was introduced at the Council on April 14th. The revision corrects the address for the Feast Bakery Café. .