Title
Resolution approving the terms & conditions for an Economic Development Loan to Kater 2 Kids Salon and Spa Boutique, LLC under the Department of Housing and Urban Development Community Development Block Grant Program in an amount up to $18,500.
Body
WHEREAS, Migdalia M. Smith and Zachary Y. Smith, Members of Kater 2 Kids Salon and Spa Boutique, 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 Eighteen Thousand Five Hundred and 00/100 Dollars ($18,500), 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 boutique at 7730 W. National Ave., West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Migdalia M. and Zachary Y. Smith, Members of Kater 2 Kids Salon and Spa Boutique, LLC, and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines; 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 Eighteen Thousand Five Hundred and 00/100 Dollars to Migdalia M. Smith and Zachary Y. Smith, Members of Kater 2 Kids Salon and Spa Boutique, 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 Three Thousand Five Hundred and 00/100 Dollars ($3,500) also be provided for the delivery of the loan for the Community Development Block Grant portion of the loan.
BE IT FURTHER RESOLVED that the City Attorney is hereby authorized to prepare loan documents required...
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