BY COUNCILOR GILBERT:
RESOLVED, that the city of Duluth hereby accepts $6,000 in settlement of the debt owed by James McEnroe d/b/a/Kitchen Tune-Up to the revolving loan fund formerly operated by NSCDC payable into Fund 263 and authorizing the city’s manager of community development to execute a release substantially in the form of that on file in the office of the city clerk as Public Document No. __________.
STATEMENT OF PURPOSE: On March 28, 2003, Northstar Community Development Corporation provided a $10,000 loan out of its CDBG revolving loan fund to James McEnroe d/b/a/ Kitchen Tune-Up providing services including new cabinetry, cabinet refacing and restoration, and wood floor restoration. The current balance on the loan is $11,215.09. Mr. McEnroe is unable to continue operating the business due to personal circumstances and the loan is in default. Staff recommends accepting $6,000 in settlement of the claim and authorizing execution of a release.