City of West Allis - File #: R-2014-0012

• File #: R-2014-0012
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 1/21/2014
• In control: Administration and Finance Committee (INACTIVE)
• On agenda: 1/21/2014
• Final action: 1/21/2014
• Title: Resolution approving a loan amendment regarding the release of collateral by and between the City of West Allis and Dave's Famous Pickles, Peppers and Jams, LLC regarding the release of collateral.
• Sponsors: Administration and Finance Committee (INACTIVE)

Date	Ver.	Action By	Action	Result
1/21/2014	1	Common Council
1/21/2014	1	Common Council	Adopted	Pass
1/21/2014	1	Administration and Finance Committee (INACTIVE)		Pass

Title

Resolution approving a loan amendment regarding the release of collateral by and between the City of West Allis and Dave's Famous Pickles, Peppers and Jams, LLC regarding the release of collateral.

Body

WHEREAS, the Economic Partnership Committee of the City of West Allis through the assistance of the Wisconsin Women's Business Initiative Corporation approved a Micro Enterprise loan to Dave's Famous Pickles, Peppers and Jams, LLC  in the amount of $15,000 on July 11, 2013; and,

WHEREAS, as a portion of the collateral for the loan, the City of West Allis received a 1^st position lien on a 2002 Volkswagen PX4; and,

WHEREAS, Dave's Famous Pickles, Peppers and Jams, LLC has requested release of the lien on the 2002 Volkswagen PX4 in order to trade the vehicle and purchase a new car; and,

WHEREAS,  upon review of the entire collateral position of the loan, the City remains in a secure position with 1^st position General Business Security Agreement on all business assets and  unlimited personal guarantee of David W. Shanklin; and,

WHEREAS, the Director of Development has reviewed the terms and conditions of the amendment and recommends approval.

NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis, hereby approving a loan amendment by and between the City of West Allis and Dave's Famous Pickles, Peppers and Jams, LLC regarding the release of collateral.

BE IT FURTHER RESOLVED, that the City Attorney be and is hereby authorized to make such substantive changes, modifications, additions and deletions to and from the various provisions of the Amendment, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.

BE IT FURTHER RESOLVED, that the Department of Development, by its Director or its designee, be and is hereby authorized and directed to execute and deliver the aforesaid Amendment on behalf of the City of West Allis.

cc:      Department of Development

      Chris Phinney, Grant Accounting Specialist

DEV-R-745-1-21-14