Date: March 22, 2018
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Chris Heineman, Community Development Director
Title
Micro-Grant Application (Hot Spot Music, LLC)
Body
Summary and Action Requested:
Consideration of a recommendation from the EDA Loan Sub-Committee regarding a $5,000 Micro-Grant application from Hot Spot Music, LLC.
Background:
Hot Spot Music, LLC is requesting a $5,000 Micro-Grant from the Clement Shearer EDA Micro-Grant Program. The owners, Martha Larson and Nat Wilson, have provided an application for the funds, which can be found attached to this report. Ms. Larson and Mr. Wilson introduced their project to NEC Director, Chris Whillock, and Economic Development Coordinator, Nate Carlson. Chris found that this project might be a suitable recipient for the EDA's Micro-Grant program. Chris, Nate, Martha and Nat worked to refine the project and complete the application to EDA Board standards. This application was provided to staff on March 5. Staff has reviewed the Micro-Grant application thoroughly.
Hot Spot Music, LLC has been in operation since September of 2015 located at 801 Division St. S., Northfield, MN. The business specializes in music, theater and visual arts activities. The primary business model for Hot Spot Music is providing fully functional rehearsal, lesson, jam session, workshop and performance space for local musicians. The building also serves as a retail space and education space for music teachers and a small instrument repair shop.
At this time, Martha and Nat have identified a remodel opportunity for their company. Since acquiring the building in 2016, they have made significant investments to better the property and establish a long-term building improvement plan. Their current project primarily relates to the remodeling of the HVAC systems. Martha and Nat are requesting funding to assist with a complete improvement of the cooling system for the ...
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