Title
Resolution approving the terms & conditions for an Economic Development Loan to Capri Di Nuovo LLC and/or assigns, under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $60,000.
Body
WHEREAS, Christopher A. and Abby K. Paul, owners of Capri Di Nuovo LLC and/or assigns, 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 Sixty Thousand and 00/100 Dollars ($60,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchase of the property and working capital for startup costs of a restaurant to be located at 8430 W. Beloit Road (former Capri Restaurant); and,
WHEREAS, the Department of Development has reviewed the loan request from Christopher A. and Abby K. Paul, owners of Capri Di Nuovo LLC and/or assigns, 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 November 22, 2013, to consider this 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 Sixty Thousand and 00/100 Dollars ($60,000) to Christopher A. and Abby K. Paul, owners of Capri Di Nuovo LLC and/or assigns, 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 the City Attorney is hereby authorized to prepare loan documents required by the aforesaid commitment....
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