Title
Resolution authorizing a loan up to $500,000 to 6682 LLC (Whitnall Summit Company LLC) for the acquisition of a portion of 6600 W. Washington St. (Tax Key No. 439-0001-035).
Body
WHEREAS, the Community Development Authority (the "Authority") has provided previous loans to the development of the Whitnall Summit office structure in West Allis; and,
WHEREAS, the 6682 LLC owns and operates the Office and Industrial leasehold improvements located at 6682 W. Greenfield Ave., the primary tenant is Global Power Components; and,
WHEREAS, per the current arbitration agreement, 6682 LLC has the right to assign the property to another entity, and would like to lease the southern half of the property from 6682 LLC to be used for parking and outdoor storage; and,
WHEREAS, 6682 LLC is working with Commerce State Bank to finance the acquisition and, if needed, seeking a commitment to finance up to $500,000 which will be appropriated from Tax Increment Financing District Number Seven (Summit Place); and,
WHEREAS, the property is being considered by the Wisconsin Department of Transportation for a new roadway to be built in 2020 to 2023 at which time consideration will be given to building a commercial building on the site, however, additional parking and/or a structure will be needed in the immediate area of Summit Place to accommodate the loss of parking; and
WHEREAS, the Authority will loan to 6682 LLC the sum of up to $500,000, at an interest rate of 6%, amortized over a 30-year period and ballooned in ten (10) years; and;
WHEREAS, the Authority authorizes the Executive Director to enter into a loan up to $500,000 to 6682 LLC (Whitnall Summit Company LLC) for the acquisition of a portion of 6600 W. Washington St. (Tax Key No. 439-0001-035).
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis:
1. That the Executive Director, or his designee, with the approval of the City Attorney, or his designee, and the Mayor, ar...
Click here for full text