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Consideration of a CDBG loan application from For Tosh, LLC d/b/a Casa de Corazon at 7754 Harwood Avenue
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Background
Casa de Corazon, at 7754 Harwood Avenue, is requesting $100,000 of CDBG loan funding to assist with working capital and start-up costs for a new Spanish immersion early learning program committed to providing socially responsible education to children in a healthy, compassionate, intercultural environment. The business has obtained approval of its conditional use zoning permit. As a requirement of the CDBG funding, the business will create a minimum of three full-time equivalent jobs held by low-moderate income individuals.
Staff recommends approval of the CDBG revolving loan for $100,000 at an interest rate 2.0% for a term of 60 months, amortized over 120 months.
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The body may convene into closed session pursuant to Sec. 19.85(1)(e), Wis Stats., for the purpose of deliberating or negotiating the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require closed session, and may reconvene into open session.