Title
Resolution authorizing Intercreditor and Subordination Agreement by and between Nationwide Life Insurance Company, Community Development Authority of the City of West Allis and Whitnall-Summit Company.
Body
WHEREAS, the Common Council of the City of West Allis (the “City”) authorized the Community Development Authority of the City of West Allis (the “Authority”) to make a Two Million Five Hundred Thousand Dollars ($2,500,000) loan to Whitnall-Summit Company, LLC (the “Company”) and to subordinate the loan to the Company's construction financing lenders for the property located at 6737 W. Washington St. (the “Property”); and,
WHEREAS, the Company now wishes to obtain permanent financing for the Property; and,
WHEREAS, the CDA is being requested to again subordinate the CDA's Two Million Five Hundred Thousand Dollars ($2,500,000) loan to Nationwide Life Insurance Company as a condition to providing the permanent financing in the amount of Seventy Seven Million, Five Hundred Thousand Dollars ($77,500,000); and,
WHEREAS, the Department of Development has reviewed and recommends approval of the Agreement.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of West Allis authorizes the Community Development Authority of the City of West Allis to approve the attached Intercreditor and Subordination Agreement.
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 Agreement, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.
cc: Department of Developm...
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