Title
Resolution amending an appropriation for a Brownfield Redevelopment Loan for the environmental investigation and remediation of property located at 6854 West Beloit Road in the amount of $95,675.
Body
WHEREAS, the Community Development Authority of the City of West Allis (“Authority”) has approved a Brownfield Redevelopment Loan by and between the Authority and Norman R. Getz for the investigation and remediation of property located at 6854 West Beloit Road in the City of West Allis (“Loan”), as more fully appears from the Community Development Authority's Resolution No. 358, adopted September 11, 2001; and,
WHEREAS, the Authority's approval of the aforesaid Loan was subject to an appropriation not to exceed Two Hundred Sixty Thousand Dollars ($260,000) to the Authority by the Common Council to pay the loan proceeds; and,
WHEREAS, the Common Council approved the appropriation on September 18, 2001, Resolution No. 26854, and on July 1, 2002, Resolution No. 27147 to make the necessary appropriation to fund the aforesaid Loan; and,
WHEREAS, Twenty-six Thousand Five Hundred Forty-five and 55/100 Dollars ($26,545.55) in Community Development Block Grant Funds has been returned from the seller to the Authority at closing. The Authority directed the City Clerk/Treasurer to place the $26,545.55 into a separate trust account, at closing, to cover costs not Dry Cleaner Environmental Response Fund (DERF) reimbursable or for any cost over runs, said amount to be paid only upon the exhaustion of a separate Thirty-Thousand Dollars ($30,000) trust fund for reimbursement to the Authority for payments made in excess of DERF reimbursements.
WHEREAS, additional environmental remediation is necessary to complete the project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that an additional sum of Ninety-five Thousand Six Hundred Seventy-five Dollars ($95,675) be and is hereby appropriated to the Community Development Au...
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