Title
Resolution approving an Economic Development Loan to 88 Keys LLC under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $40,000.
Body
WHEREAS, Suzanne G. Ball, property owner and member of 88 Keys 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 Dollars ($40,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing equipment and renovation of commercial space for an eatery and entertainment venue; and,
WHEREAS, the Department of Development has reviewed the loan request from Suzanne G. Ball, property owner and member of 88 Keys LLC 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 March 24, 2009, 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 a Loan in an amount not to exceed Forty Thousand Dollars ($40,000) to Suzanne G. Ball, property owner and member of 88 Keys 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 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 non-substantive changes, modifications, additions and deletions to and from the loan documents, including any and all ...
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