Title
Resolution amending the terms & conditions of the Economic Development Loan to Aggie's Bakery and Cake Shop LLC and/or assigns, under the Department of Housing and Urban Development Community Development Block Grant Program in an amended amount not to exceed $105,000.
Body
WHEREAS, the City approved an Economic Development Loan to Aggie's Bakery and Cake Shop LLC and/or assigns on July 1, 2014 by Resolution # R-2014-0170, in the amount of Eighty Thousand and 00/100 Dollars ($80,000); and,
WHEREAS, the Department of Development has reviewed the increased loan request from Adam W. Purcell, Managing Member of Aggie's Bakery and Cake Shop LLC and/or assigns, in the amount of $25,000 for a total loan request of $105,000; and,
WHEREAS, the amended loan amount is the result of higher than projected build out costs for the commercial bakery and required equity requirements from the primary lender; and,
WHEREAS, the Department of Development has recommended approval of a Community Development Block Grant funded loan for the purpose of completing the Project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves amending the terms and conditions for the Economic Development Loan in an amount not to exceed One Hundred Five Thousand and 00/100 Dollars ($105,000) by and between Adam W. Purcell, Member of Aggie's Bakery and Cake Shop LLC and/or assigns and the City of West Allis.
BE IT FURTHER RESOLVED that Five Thousand and 00/100 Dollars ($5,000) also be provided for the delivery of the loan.
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, exhibits, addendums and amendments, as may be necessary and pro...
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