Title
Resolution approving the terms & conditions for an Economic Development Loan to Kater 2 Kidz Salon Spa & Boutique, LLC under the Department of Housing and Urban Development Community Development Block Grant Program in the amount up to $10,000.
Body
WHEREAS, Migdalia M. Smith, Owner of Kater 2 Kidz Salon 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 Ten Thousand and 00/100 Dollars ($10,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchase of operating equipment and working capital for a salon and children's event space to be located at 6129 W. Greenfield Ave., West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Migdalia M. Smith, Owner of Kater 2 Kidz Salon 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 Ten Thousand and 00/100 Dollars ($10,000) to Migdalia M. Smith, Owner of Kater 2 Kidz Salon 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 Two Thousand Five Hundred and 00/100 Dollars ($2,500) 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 by the aforesaid commitment.
BE IT FURTHER RESOLVED that the City A...
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