Title
Resolution approving the terms & conditions for an Economic Development Loan to Wandering Arrow, LLC d/b/a Wild Roots Restaurant under the Department of Housing and Urban Development Community Development Block Grant Program in the amount up to $40,000.
Body
WHEREAS, Thi T. Cao, owner of Wandering Arrow, LLC., a limited liability corporation created under the laws of Wisconsin has applied for a loan from the City of West Allis in the amount of Forty Thousand and 00/100 Dollars ($40,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchase of operating equipment and working capital for a restaurant to be located at 6313 W. Greenfield Ave., West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Thi T. Cao, owner of Wandering Arrow, LLC d/b/a Wild Roots Restaurant and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines; 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 Economic Development Loan Task Force met on December 12, 2018, to consider the Loan application and recommended approval of this Economic Development Loan application.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves the terms and conditions of the Loan in an amount not to exceed Forty Thousand and 00/100 Dollars ($40,000) to Thi T. Cao, owner of Wandering Arrow, LLC, in accordance with the terms and conditions outlined in the Commitment Letter attached as Exhibit A hereto and incorporated herein by reference.
BE IT FURTHER RESOLVED that Three Thousand and Five Hundred Dollars ($3,500) also be provided for the delivery of the loan for the Community Development Block Grant portion of the loan.
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 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.
BE IT FURTHER RESOLVED that the Director of Development is authorized to modify the terms of the loan agreement or documents if within the original intent of the loan or will help the business to achieve the goals of the loan.
cc: Department of Development
Kris Moen, Deputy Finance Director
DEV-R-952-12-18-18