The Fairmont Economic Development Authority Monday approved a loan from their reportable fund for Live Fit Sport and Wellness Center, LLC, a new, startup business that will be going into some of the remaining space in the old Kmart building, now known as the MidAmerica Distributing, LLC – about 40,000 square feet. Live Fit is a gym/wellness center that offers: new cardio equipment, indoor walking track, indoor turf, full scale training facility, room for karate/wrestling, indoor golf simulator, basketball courts, locker rooms with saunas and access to chiropractic and massage services. The total equipment cost is $279,000 of machinery and equipment. The request from FEDA is $75,000 to be used for equipment for a term of 7 years. They project creating 5 new full-time jobs and 8 part time jobs in 2 years, all of which will be at an hourly wage of$10/hr. This business is structured as an LLC with Alex Schleisman and Jennifer Moeller (mother and son)as coowners. They are requesting a $75,000 loan to help with the financing of some of their equipment through True Fitness Technology, Inc. The total cost of the equipment through this company is $206,384.28. The loan committee met and recommends approval of the loan in the amount of $75,000 at 4% interest for 7 years. The equipment will be used as collateral. Staff recommends this loan be issued out of the Reportable Loan Fund.