The City Economic Development Loan Committee voted Tuesday afternoon to continue talks about a request on behalf of the Forrest and Doris Sensenich Foundation to convert the former Wal-Mart building into a convention center.
John Marcolla, representing the Sensenich Foundation, appeared before the four-member board and others from the public and asked for a $300,000 loan to make necessary roof repairs to the building, install new heating and air conditioning units and renovate the interior and exterior of the facility.
The board voted 4-0 to further discuss the application during a meeting at 3 p.m. on Monday, Sept. 20.
The Sensenich Foundation’s request was among three loans considered by the committee on Tuesday. The other requests came from Sophie’s Place, and Heartland Advertising Specialties. These, also, were put on hold until Sept. 20.
Loans are made from the city’s loan funds which were specifically set up through state and federal governments for the sole purpose of assisting businesses in economic development efforts. These limited revolving funds are made available by the city to increase the availability of jobs, especially to low and moderate income citizens and viable commerce within the city. As loans are paid back, the funds are replenished.
The balance of the city’s funds in these accounts — which are restricted for loan usage — is $441,115.
Marcolla said the foundation came into existence in 1999 and late last year was able to acquire the old Wal-Mart building and its 5.6 acres of land by a gift.
