VILLAGE OF ORLAND PARK - File #: 2009-0055

• File #: 2009-0055
• Version: 3
• Name: Surface Shields - RLF
• Type: MOTION
• Status: PASSED
• File created: 1/22/2009
• In control: Board of Trustees
• On agenda: 1/26/2009
• Final action: 4/6/2009
• Title: /Name/Summary Surface Shields - RLF

Date	Ver.	Action By	Action	Result
4/6/2009	3	Board of Trustees	APPROVED	Pass
4/5/2009	3	Development Services Department	INTRODUCED TO BOARD
3/23/2009	2	Development Services & Planning Committee	RECOMMENDED FOR APPROVAL	Pass
3/22/2009	2	Development Services Department	INTRODUCED TO COMMITTEE
2/2/2009	1	Board of Trustees	APPROVED	Pass
2/1/2009	1	Development Services Department	INTRODUCED TO BOARD
1/26/2009	0	Development Services & Planning Committee	RECOMMENDED FOR APPROVAL	Pass
1/22/2009	0	Development Services Department	INTRODUCED TO COMMITTEE

Title/Name/Summary

Surface Shields - RLF

History

In February, the Village Board approved a 60 day loan extension for KJBB Properties/Surface Shields to allow consideration of refinancing for their existing loan through the Village’s Economic Development Revolving Loan Fund.  On March 11^th, the Economic Development Advisory Board (EDAB) met and recommended approval of the refinancing request.  A summary of the loan application and terms is attached.

Staff is also recommending a 30-day extension of the existing loan, to provide time to process the necessary new loan documents.

On March 23, 2009 the Development Services and Planning Committee moved 3-0 to recommend to the Village Board of Trustees approval of a revolving loan, in the amount of $140,000, to KJBB Properties/Surface Shields, as outlined.  I also recommend approval of a 30-day extension of the existing loan, to allow adequate time to process the necessary new loan documents.

This is now before the Village Board for consideration.

Recommended Action/Motion

I move to approve a revolving loan, in the amount of $140,000, to KJBB Properties/Surface Shields, as outlined.  I also recommend approval of a 30-day extension of the existing loan, to allow adequate time to process the necessary new loan documents.