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Spring Valley City Council passes project resolution

Fri, Nov 15th, 2013
Posted in Spring Valley Government

The Spring Valley City Council met last Wednesday evening and breezed through a short agenda.

The council approved a resolution for Phil and Cindy Sheldon. They are the new owners of the former True Value Hardware Store at 121, 131, and 141 North Broadway in Spring Valley. They have opened Sheldon Plumbing and Heating, Valley Appliance and they will use the third building for office rental units. Their first renter is Spring and Gumbel law office. Sheldon’s have applied to the EDA for the maximum loan amount of $10,000 per commercial building. The EDA Director has met with Bill Rohe of Security State Bank to review the applicant’s financial ability to repay the City of Spring Valley. Sheldon’s based on their ability to repay the City of Spring Valley. Sheldon’s provided documentation outlining their financial strengths and their business plan to renovate and operate the commercial buildings. Based on their ability to repay the City of Spring Valley it is recommended to the EDA Board that Sheldon’s receive three (3) revolving loans of $10,000 each to support their remodeling efforts as stated in their application. Sheldon’s are approved for small cities block grant funds for all three commercial properties.

The total project cost is $101,373 and the owner contribution to date is $71,000. The funds are GAP financing to support the 30 percent financing needed to obtain a small cities block grant.

There will be seven full time jobs, and one part time job will be retained. Terms for the entire project will be 14 percent . The monthly auto payments will be $124,000. The collateral consists of a second position lien on the Real Estate and a personal guarantee from the owners. The Real Estate is valued by Security State Bank at $216,000. The first lien position is held by Security State Bank.

In other business the City is attempting to make the pay for First Responders half of the amount currently paid to the EMT’s. The increase in the budget will be $4,500. City Administrator and Council man Todd Jones indicated that the increase might result in a more attractive incentive when replacing First Responders.

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