Title
Resolution authorizing the Department of Development to write off as uncollectible an outstanding balance of $46,343.92 on an Economic Development Loan to Desktop Publishing Centers, Inc.
Body
WHEREAS, the Common Council of the City of West Allis approved an Economic Development Loan to Desktop Publishing Centers, Inc., on January 17, 1995 by Resolution No. 24577; and,
WHEREAS, Desktop Publishing Centers, Inc. defaulted on said loan in 1998 and were sued by their primary lenders, Lincoln State Bank and the City of West Allis; said lawsuit resulted in a judgment against Desktop Publishing Centers, Inc. in favor of all claimants including the City in the amount of $63,534.44; and,
WHEREAS, Desktop Publishing Centers, Inc. is a dissolved corporation; further, any personal guarantees on said note signed by the borrower, Domonic D'Aquisto, have been discharged in bankruptcy court on December 1, 1999; and,
WHEREAS, based on a review of the file by the City Attorney's Office, it is highly unlikely that the outstanding charge on the judgment will ever be collected.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the Department of Development is authorized to write off as uncollectible the outstanding balance of $46,343.92 on an Economic Development Loan issued to Desktop Publishing Centers, Inc.
cc: Gary Schmid, Manager of Finance/Comptroller
Chris Phinney, Grants Accounting Specialist
Jeffrey Warchol, Assistant City Attorney
Department of Development
Dev-R-424-5-16-06\bjb\jmg