Posting Language
Title
Authorize negotiation and execution of a U.S. Department of Housing and Urban Development Section 108 Family Business Loan agreement with 11E5 LLC for the purchase of equipment, soft costs, and working capital for an event space located at 1121 East 7th Street, Austin, Texas 78702 in an amount not to exceed $1,521,883.
De
Lead Department
Economic Development Department.
Fiscal Note
Funding in the amount of $1,521,883 is available in the Fiscal Year 2023-2024 U.S. Department of Housing and Urban Development (HUD) Section 108 Family Business Loan Program (FBLP) Fund Operating Budget of the Economic Development Department.
Prior Council Action:
May 24, 2012- Council approved Resolution No. 20120524-015 creating the FBLP and Ordinance No. 20120524-016 to authorize the FBLP fees.
August 29, 2013- Council approved Resolution No. 20130829-027 authorizing the acceptance of $8,000,000 in grant funds from HUD Section 108 FBLP.
February 25, 2016- Council approved Resolution No. 20160225-013 authorizing issuance of a note and contract with HUD in an amount not to exceed $3,000,000 to fund the program.
August 31, 2017- Council approved Resolution No. 20170831-010 authorizing issuance of a note and contract with HUD in an amount not to exceed $5,000,000 to fund the program.
November 30, 2023- Council approved Resolution No. 20231130-009 to modify the FBLP guidelines and criteria to increase the maximum loan amount and establish an approval process for proposed loans exceeding the maximum loan amount.
For More Information:
Sylnovia?Holt-Rabb,?Director,?Economic Development?Department, 512-974-3131;
Xavier Zarate, Small Business Division Manager, Economic Development Department, 512-978-2502.
Additional Backup Information:
11E5 LLC seeks FBLP funding to finance a new event space located at 1121 East 7th Street Austin Texas 78702. 11E5 LLC will use the funding for equipment, soft costs, and working capital for operation of a site that provides ap...
Click here for full text