Title
Resolution approving the terms & conditions for an Economic Development Loan to Commercial Bargains, Inc. under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $50,000.
Body
WHEREAS, John Kenenakhone, President and owner of Commercial Bargains, Inc., has applied for a loan from the City of West Allis in the amount of Fifty Thousand Dollars ($50,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of moving expenses, inventory and preparing the site at 6623 W. Mitchell St.; and,
WHEREAS, the Department of Development has reviewed the loan request from John Kenenakhone, President and owner of Commercial Bargains, Inc., 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 August 26, 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 Fifty Thousand Dollars ($50,000) to John Kenenakhone, President and owner of Commercial Bargains, Inc., 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.
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 an...
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