Title
Resolution approving refinancing terms of the Economic Development Loans with Quest Corporation, d/b/a Graphic Impressions, Inc., located at 7328 W. Greenfield Ave.
Body
WHEREAS, Quest Corporation, d/b/a Graphic Impressions, Inc., a corporation created under the laws of Wisconsin, operating at 7328 W. Greenfield Avenue, West Allis, WI, received Common Council approval on February 6, 2001, for an Economic Development Loan in the sum $50,000 and Common Council approval on February 6, 2001, for an Economic Development Loan in the sum of $25,000; and,
WHEREAS, since the tragic events of September 11, 2001, and the subsequent downturn in the economy that resulted in slow sales within the printing industry, Quest Corporation, d/b/a Graphic Impressions, Inc., in September of 2002, reduced its workforce, streamlined expenses, and requested a forbearance on loan payments for three to six months or until March, 2003; and,
WHEREAS, the Common Council approved a communication from the Department of Development on September 11, 2002, recommending a forbearance on loan payments and refinancing terms with an effective date of December 31, 2002, for Quest Corporation, d/b/a Graphic Impressions, Inc.'s economic loans, attached and incorporated herein as Exhibit A; and,
WHEREAS, the terms approved by the Common Council on October 1, 2002, were not incorporated into a new promissory note and mortgage; and,
WHEREAS, the Department of Development recommends the following refinancing terms and conditions to the Economic Development Loans with Quest Corporation, d/b/a Graphic Impressions, Inc.:
1. Interest to be recalculated at 7.5 % using the date of September, 2002, for both loans. One-third of the interest accrued will be waived as an incentive to Quest Corporation, d/b/a Graphic Impressions, Inc.
2. In May, 2004, the balance (including accrued interest from December, 2002) on the $50,000 second mortgage Economic Development Loan to be refinanced at 7...
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