Community Development Block Grant Revolving Loan Committee 7-8-2026

The City of Green Bay's Community Development Block Grant Revolving Loan Committee met on July 8, 2026, to discuss a key procurement-related item involving a refinancing and subordination agreement request from Salon 54 LLC. The committee reviewed a $245,000 loan originally approved in 2025 for real estate acquisition and construction financing, with Nicicolay National Bank seeking to refinance and increase construction financing by approximately $300,000 due to higher-than-anticipated costs and contractor changes. The updated appraisal valued the completed project at $1,520,000, supporting the revised loan structure. The committee authorized the city to consent to the refinancing and subordination, recognizing the importance of completing construction for community benefit. Additionally, the committee received a status report on the revolving loan fund, noting some loan delinquencies and ongoing legal actions, but overall positive loan repayment status and available funds for new loans. No new loan applications were ready for review at this meeting.