Title
Resolution approving the terms & conditions for an Economic Development Loan to Blast Cleaning Technologies, Inc. in the amount of up to $200,000.
Body
WHEREAS, Carl P. Panzenhagen, Owner and President of Blast Cleaning Technologies, Inc., an S-type Corporation created under the laws of Wisconsin, has applied for a loan from the City of West Allis in the amount of Two Hundred Thousand and 00/100 Dollars ($200,000), for the purpose of purchasing operating equipment such as cranes, for the establishment of a manufacturing business located at 6682 W. Greenfield Ave., West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Carl P. Panzenhagen, Owner and President of Blast Cleaning Technologies, Inc., and has determined that the Project would be eligible for assistance under the Economic Assistance Program of Tax Increment Finance District (TIF) Number Seven -Summit Place because the applicants business is located within the TIF District and will significantly improve the industrial space with private resources; and,
WHEREAS, the Department of Development has recommended approval of a TIF-funded loan for the purpose of completing the Project; and,
WHEREAS, the Economic Development Loan Task Force met on December 12, 2018, to consider the Loan application and recommended approval of this Economic Development Loan application.
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 Two Hundred Thousand and 00/100 Dollars ($200,000) to Blast Cleaning Technologies, Inc. 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 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 ...
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