Title
Resolution amending the loan terms and conditions for the Downtown Energy Efficiency Loan by and between the City of West Allis and Dennis and Jeannette Mulvaney Trust.
Body
WHEREAS, the City of West Allis implemented a Downtown Energy Efficiency Loan Program under the provisions of the Department of Energy's Energy Efficiency and Conservation Block Grant; and,
WHEREAS, the Loan program was established to promote energy efficiency improvements within the downtown business district under Wisconsin State Statute 66.0627; and,
WHEREAS, Dennis and Jeannette Mulvaney Trust borrowed funds under the program to make energy efficiency upgrades to the property at 7140-44 W. Greenfield Avenue; and,
WHEREAS, Dennis and Jeannette Mulvaney Trust have requested the City to amend the terms of the loan agreement dated January 24, 2012 to defer principal payments for one year while interest will accrue, adjusting future payments within the established term of the loan; and,
WHEREAS, both parties agree that all other terms of the loan agreement will remain in place and enforceable.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves amending the loan terms and conditions for the Downtown Energy Efficiency Loan by and between the City of West Allis and Dennis and Jeannette Mulvaney Trust.
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, 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.
BE IT FURTHER RESOLVED that the prop...
Click here for full text