Title
Resolution authorizing the Community Development Authority of the City of West Allis to extend the terms of the Loan in the amount of approximately $3,485,000 to Whitnall-Summit Company, LLC, a Delaware Limited Liability Company for the property located at 6600 W. Washington St. and other relevant properties.
Body
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") has provided previous loans to Whitnall-Summit Company, LLC for the development of the Whitnall Summit office complex in West Allis; and,
WHEREAS, the following documents are authorized for approval:
1. Execution of the 4th Amendment to the Amended and Restated Development Agreement to reflect the payoff of various loans and the restructure of the $3M loan for a 3-year pay-off period commencing on March 1, 2017, with a maturity dated of February 17, 2020. Said loan is personally guaranteed by Richard Carlson;
2. Execution of a Standstill Agreement with the new lender pursuant to which the City of West Allis agrees that the rights of the new lender under its loan documents are senior to the rights of the City of West Allis with respect to the remaining $3M loan and the $2M forgivable 30-year loan;
3. Execution of an estoppel certificate pertaining to a Declaration of CCRs encumbering the Summit Business Park that dates from 1993 and have been amended several times, the last of which was in 2007, that confirms that Whitnall Summit is not in default of its obligations of such CCRs;
4. Execution of an Access Easement Agreement providing vehicular access to Whitnall-Summit Company, LLC and 6682 LLC to the Authority-owned property located at 6545 W. Washington St. (Tax Key No. 439-0001-036); and,
WHEREAS, the Common Council hereby authorizes the Authority to extend the outstanding loan in the amount of approximately $3,485,000 to Whitnall-Summit Company, LLC for the property located at 6600 W. Washington St. and other relevant properties.
NOW, THEREFORE,...
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