Title
Resolution approving a Recapture Agreement between the City of West Allis and Dorothy G., Inc., d/b/a Redi Quick Dry Cleaners, for the property located at 9508-10 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 $150,000 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 Wisconsin Department of Natural Resources has approved Dorothy G., Inc., for a loan under the Wisconsin Ready for Reuse Brownfield Program (RFR); and,
WHEREAS, pursuant to the RFR Program, the City will enter into a Loan Agreement hereby attached as Exhibit A between the City of West Allis and the Wisconsin Department of Natural Resources in which loan funds are transferred through the City for remediation activities to be contracted by Dorothy G., Inc., for the property; and,
WHEREAS, under this Agreement the City will be able to recapture certain loan funds provided to Dorothy G., Inc., by the City to clean up the property if Dorothy G., Inc., does not repay the loan; and,
WHEREAS, the loan funds are borrowed at zero (0) percent from the RFR Program, transferred through the City, and loaned by the City to the borrower, Dorothy G., Inc., in which the City is repaid by Dorothy G., Inc., through the assignment of payments from the Drycleaner Environmental Response Fund (DERF) in accordance with an Assignment Agreement hereto attached as Exhibit B.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the Recapture Agreement is hereby approved by and between the City of West Allis and Dorothy G., Inc., d/b/a Redi Quick Dry Cleaners, for the property located at 9508-10 W. Greenfield Ave.
BE IT FURTHER RESOLVED that the Director of Development, or his designee, be and is hereby authorized to execute and deliver the aforesaid Agreement on behalf of the City.
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 contract, 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.
cc: Department of Development
Dev-R-473-7-3-07\bjb