Title
Resolution approving the terms & conditions for an Economic Development Loan to H. Parker Enterprises, LLC, d/b/a Wedding Centre Fifth Avenue Formalwear under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $42,070.
Body
WHEREAS, Chester & Heather Parker, of H. Parker Enterprises, LLC, a limited liability corporation created under the laws of Wisconsin, d/b/a Wedding Centre Fifth Avenue Formalwear has applied for a loan from the City of West Allis in the amount of Forty-Two Thousand and Seventy Dollars ($42,070), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing a website, inventory and working capital at 7140-44 W. Greenfield Ave.; and,
WHEREAS, the Department of Development has reviewed the loan request from Chester & Heather Parker, of H. Parker Enterprises, LLC, d/b/a Wedding Centre Fifth Avenue Formalwear, and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines; and,
WHEREAS, the Department of Development has recommended approval of a Community Development Block Grant funded loan for the purpose of completing the Project; and,
WHEREAS, the Economic Development Loan Task Force met on November 1, 2011, to consider this loan application and recommended approval of this Economic Development loan application.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves the terms and conditions of the Loan in an amount not to exceed Forty-Two Thousand and Seventy Dollars ($42,070) to Chester & Heather Parker, of H. Parker Enterprises, LLC, d/b/a Wedding Centre Fifth Avenue Formalwear in accordance with the terms and conditions outlined in the Commitment Letter attached as Exhibit A hereto and incorporated herein by reference.
BE IT FURTHER RESOLVED that the City Attorney is hereby authorized to...
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