TO APPROVE APPLICATION AND AUTHORIZE LOAN FROM THE BUSINESS INVESTMENT INCENTIVE FUND
This resolution approves and authorizes a loan from the City of Bloomington’s Business Investment Incentive Fund to Bloomington Cooperative Services, Inc. for the purpose of making capital improvements to the building at 316 West Sixth Street. This resolution also waives the five-year term provision of the Business Investment Incentive Fund Guidelines to allow for a 15-year term in connection with the approved loan to Bloomington Cooperative Services, Inc. The loan is in the amount of one hundred thousand dollars ($100,000) and subject to an interest rate of 5.42%. It is also 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.