Title
Resolution approving a loan between the City of West Allis and Dorothy G. Inc., d/b/a Redi Quick Dry Cleaners, for the property located at 9588 W. Greenfield Ave.
Body
WHEREAS, Dorothy G. Inc., a corporation created under the laws of Wisconsin, has applied for a loan from the Wisconsin Ready for Reuse Brownfield Program ("Program") in the amount of $318,000 for the purpose of conducting site investigation and environmental remediation; and,
WHEREAS, the Authority of the City of West Allis on April 11, 2006 under Resolution No. 607 and the Common Council of the City of West Allis on September 19, 2006 under Resolution No. R-2006-0258 approved the endorsement of Dorothy G. Inc.'s application and approved participation in the Program; and,
WHEREAS, the Department of Development has recommended approval of a Wisconsin Ready for Reuse Brownfield Program loan to assist the Project; and,
WHEREAS, the loan will be secured to the City and payments made to the City in accordance with the terms and conditions outlined in the Drycleaner Environmental Response Fund (DERF) Assignment Agreement and Recapture Agreement hereby attached and incorporated within the loan agreement; and,
WHEREAS, the loan is a zero (0) percent loan with funds from the Program and the Owner will repay the City with the assigned Drycleaner Environmental Response Fund (DERF) program reimbursements; and,
WHEREAS, the owner will pay a fee to the City for all costs incurred in the administration of the loan.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves a Loan in an amount not to exceed Three Hundred Eighteen Thousand Dollars ($318,000) to Dorothy G Inc. in accordance with the Loan agreement, Drycleaner Environmental Response Fund (DERF), which is attached hereto and incorporated herein by reference.
BE IT FURTHER RESOLVED that the City Attorney is hereby authorized to prepare loan documents required by the aforesaid commitment.
BE IT FURTHER RESOLVED that the proper City Officers, or any of their authorized deputies, as necessary, are authorized on behalf of the City to execute the aforesaid loan documents.
cc: Department of Development
Dev-R-445-10-17-06\dlm