Title
Resolution amending the loan terms & conditions for the Economic Development Loan by and between Mider Properties, LLC and the City of West Allis.
Body
WHEREAS, the City approved an Economic Development Loan to Capri Di Nuovo LLC on December 12, 2013 by Resolution # R-2013-0270, in the amount of Sixty Thousand and 00/100 Dollars ($60,000); and,
WHEREAS, the loan was for the establishment of a new restaurant called Capri Di Nuovo located at 8340 W. Beloit Road; and,
WHEREAS, the Department of Development has recommended approval of a Community Development Block Grant funded loan for the purpose of completing the Project; and,
WHEREAS, the borrower has requested through their financial institution, Waukesha State Bank, a Subordination Agreement that allows for the borrower to obtain Twelve Thousand Five Hundred ($12,500) in additional financing for Leasehold Improvements, Equipment and Working Capital; and,
WHEREAS, staff has reviewed the financial position of the City's loan and found the increase of lending from the primary lender to be acceptable and within the financing terms of the project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves an amendment to the terms and conditions for the Economic Development Loan by and between Mider Properties, LLC and the City of West Allis.
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 loan documents, 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 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
Grants Accounting Specialist
DEV-R-752-3-18-14