Title
Resolution approving an Economic Development Loan to Pressed Steel Tank Company, Inc. under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $120,000.
Body
WHEREAS, Pressed Steel Tank Company, Inc., a Delaware corporation, has applied for a loan from the City of West Allis in the amount of One Hundred Twenty Thousand Dollars ($120,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of business operation and relocation costs for the business located at 1445 South 66 Street, West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Pressed Steel Tank Company, Inc. and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines; and,
WHEREAS, the Community Development Authority has approved the loan under Resolution #553 with funds allocated from Tax Incremental District Number Five; and,
WHEREAS, the Department of Development has recommended approval of a Community Development Block Grant funded loan for the purpose of completing the Project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves a Loan in an amount not to exceed One Hundred Twenty Thousand Dollars ($120,000) to Pressed Steel Tank Company, Inc. in accordance with the Commitment Letter, which is attached 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.
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.
Dev-R394\bjb\9-6-05
cc: Department of Development