Title
Resolution approving the terms and conditions for an Economic Development Loan to DPN Enterprises LLC under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $40,000.
Body
WHEREAS, DPN Enterprises 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 Forty Thousand Dollars ($40,000), (the "Loan") under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing real estate for the property located at 6733-35 W. Lincoln Ave.; and,
WHEREAS, the Department of Development has reviewed the Loan request from DPN Enterprises 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,
WHEREAS, the Economic Development Loan Task Force met on May 11, 2017, to consider this Loan application and recommended approval of this Economic Development loan application; 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 Forty Thousand and 00/100 Dollars ($40,000) to DPN Enterprises 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 from the Community Development Block Grant Program.
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 Attorney be and is hereby authorized to make such subs...
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