Title
Resolution approving a Redevelopment Loan to Whitnall Summit Company, under the Wisconsin Department of Commerce Brownfield Grant Program, in an amount not to exceed $300,000.
Body
WHEREAS, the Department of Development has offered Whitnall Summit Company a loan from the City of West Allis in the amount of Three Hundred Thousand Dollars ($300,000), under the Wisconsin Department of Commerce Brownfield Grant Program for the purpose of redeveloping the property at 6737 W. Washington Street, West Allis; and,
WHEREAS, the Department of Development has determined that the renovation cost is eligible for funding under the Wisconsin Department of Commerce Brownfield Grant Program guidelines; and,
WHEREAS, the Department of Development has recommended approval of a loan for the purpose of an inducement to begin converting the former Allis-Chalmers Shop 7 Building into an office complex; and,
WHEREAS, the Community Development Authority met on October 24, 2002, to consider this loan and recommended approval, via Resolution No. 388.
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 Three Hundred Thousand Dollars ($300,000) to Whitnall Summit Company 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 and to make such technical, non-substantive changes as he deems necessary and appropriate.
BE IT FURTHER RESOLVED that the Director of Development is authorized, on behalf of the City, to execute the aforesaid loan documents.
Dev-R288\jmg-amd-3-4-03
cc: Department of Development
Chris Phinney, Grant Accounting Specialist