File #: R-2013-0121    Version:
Type: Resolution Status: Adopted
File created: 5/21/2013 In control: Administration and Finance Committee (INACTIVE)
On agenda: 5/21/2013 Final action: 5/21/2013
Title: Resolution approving the terms & conditions for an Economic Development Loan to Commercial Bargains Inc., under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $50,000.
Sponsors: Administration and Finance Committee (INACTIVE)
Attachments: 1. Signed Resolution_012
Title
Resolution approving the terms & conditions for an Economic Development Loan to Commercial Bargains Inc., under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $50,000.

Body
WHEREAS, the City of West Allis has received an Economic Development loan application from John Kenenakhone and Ryan Pattee for Commercial Bargains Inc., in the amount of Fifty Thousand Dollars ($50,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing inventory and moving costs associated with moving to a larger location located at 6623 W. Mitchell St.; and,

WHEREAS, the Department of Development has reviewed the loan request from Commercial Bargains Inc., 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 convened in a meeting, 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 Fifty Thousand Dollars ($50,000) to Commercial Bargains Inc., 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 prepare loan documents required by the aforesaid commitment.

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 loan documents, including any and all attachments, ...

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