Title
Resolution authorizing the borrowing of up to $150,000; providing for the issuance and sale of a Taxable General Obligation Promissory Note therefore; and levying a tax in connection therewith (Wisconsin Department of Natural Resources Ready for Reuse Brownfields Cleanup Loan Program)
Body
WHEREAS, the Common Council hereby finds and determines that it is necessary, desirable and in the best interest of the City of West Allis, Milwaukee County, Wisconsin (the "City") to raise funds for the purpose of paying the cost of making payments to assist in the removal or containment of, or the restoration of soil affected by, environmental pollution to eliminate blight (the "Project") on the site located at 9508-10 West Greenfield Avenue, West Allis, Wisconsin, and there are insufficient funds on hand to pay said costs; and,
WHEREAS, the State of Wisconsin Department of Natural Resources (the "State") is authorized to make loans for projects such as the Project for cleanup of a brownfield site under its Ready for Reuse Brownfields Cleanup Loan Program authorized by Section 292.72 of the Wisconsin Statutes (the "DNR Loan"); and,
WHEREAS, the City has or intends to enter into a Recapture Agreement and an Assignment Agreement (collectively, the "Agreements") with Dorothy G., a Wisconsin corporation (the "Developer") under which the City will loan the proceeds of the DNR Loan to the Developer to undertake the Project; will require the Developer to pay the City amounts it receives pursuant to a grant the Developer expects to receive from the Dry Cleaner Environmental Remediation Fund ("DERF") in connection with the Project; and will further require the Developer comply with the covenants and agreements the City will make pursuant to the agreement the City will enter into with the State (the "Loan Agreement"); and,
WHEREAS, the DERF amounts are not currently available; and,
WHEREAS, the Common Council hereby finds and determines that it is necessary, desir...
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