Title
Resolution approving a Loan Agreement by and between the City of West Allis and the Wisconsin Department of Natural Resources in the amount of $150,000 for the soil remediation activities at the Redi Quick Dry Cleaners located at 9508-10 W. Greenfield Ave.
Body
WHEREAS, the Community Development Authority of the City of West Allis (“Authority”) has approved on April 11, 2006 under Resolution No. 607 a Wisconsin Ready for Reuse Brownfield Program (“Program”) Loan application (“Loan”) for the property at 9508-10 W. Greenfield Ave., for Dorothy G., Inc., (“Owner”); and,
WHEREAS, the Program requires the City of West Allis to distribute loan funds to the Owner to assist with site investigation and environmental remediation activities; and,
WHEREAS, the City will enter into Recapture and Assignment Agreements with the Owner to secure the City interests; and,
WHEREAS, the Owner has pledged under the Assignment Agreement, to assign all future Dry Cleaner Environmental Response Fund (DERF) Program reimbursements to the City as repayment of the Loan; and,
WHEREAS, the Owner will reimburse the City for all costs associated with the administration of the loan.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of West Allis approves the Loan Agreement by and between the City of West Allis and the Wisconsin Department of Natural Resources in the amount of $150,000 for the soil remediation activities at the Redi Quick Dry Cleaners located at 9508-10 W. Greenfield Ave.
BE IT FURTHER RESOLVED that the Director of Development, or his designee, be and is hereby authorized to execute and deliver the aforesaid Agreement on behalf of the City.
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 various provisions of the contract, including any and all attachments, exhibits, addendums and amendments, as may be necessary...
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