Title
Resolution approving a $295,000 Brownfield Revolving Loan Fund from the City's U.S. EPA Revolving loan fund grant to Mandel/Six Points Office, LLC for the property located at 6609 W. Greenfield Ave.
Body
WHEREAS, the City of West Allis ("City") received a $1,000,000 Brownfields Cleanup Revolving Loan Fund ("RLF") Grant for Hazardous Substance and Petroleum Contaminated Sites in 2011; and,
WHEREAS, the City has identified the 6609 W. Greenfield Ave. (the "Property") site as a candidate for an RLF Loan due to known environmental contamination and required cleanup; and,
WHEREAS, Mandel/Six Points Office, LLC (the Developer) will be acquiring the Property for the development as part of The Market at Six Points development and will be eligible for the RLF Loan; and,
WHEREAS, the City has offered a $295,000 RLF to the development remediation on the Property; and,
WHEREAS, the Developer is required to fund all EPA RLF related expenses upfront, and will then be reimbursed by the City of West Allis; and,
WHEREAS, the Developer if required to provide a 20% match to the project and adhere to all necessary federal provisions.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that it hereby approves the terms and conditions of a loan in the amount not to exceed Two Hundred Ninety Five Thousand dollars ($295,000) to Mandel/Six Points Office, LLC in accordance with the terms and conditions outlined in the commitment letter attached as Exhibit A attached hereto and incorporate herein by reference.
BE IT FURTHER RESOLVED that the Director of Development, or his designee, is hereby authorized and directed to enter into a Revolving Loan Contract by and between the City of West Allis and Mandel/Six Points Office, LLC and take any and all other actions on behalf of the City of West Allis which they deem necessary or desirable in connection with the U.S. EPA Revolving Loan Fund including, without limitation, negotiating, executing, deliver...
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