Title
Resolution approving the terms & conditions for an Economic Development Loan to The Farmer's Wife LLC under the Department of Housing and Urban Development Community Development Block Grant Program and Economic Development Assistance Funds under Tax Incremental Financing District #7 (Summit Place) in an amount up to $67,000.
Body
WHEREAS, Robin L. and Richard P. Mastera, Members of The Farmer's Wife LLC, a limited liability corporation created under the laws of Wisconsin has applied for a loan from the City of West Allis in the amount of Sixty-Seven Thousand and 00/100 Dollars ($67,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchase of equipment and working capital for the establishment of a restaurant at 6533 W. Mitchell St., West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Robin L. and Richard P. Mastera, Members of The Farmer's Wife LLC, and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines and under the Economic Development Assistance Funds under Tax Incremental Financing District #7 (Summit Place); 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,
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 Sixty-Seven Thousand and 00/100 Dollars ($67,000) to Robin L. and Richard P. Mastera, Members of The Farmer's Wife LLC, 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 Five Thousand and 00/100 Dollars ($5,000) also be provided for the delivery of the loan for the Community Development Block Grant portion of the loan.
BE I...
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