Title
Resolution approving the terms & conditions for an Economic Development Loan to Paulie's Pub and Eatery LLC in an amount of up to $50,000.
Body
WHEREAS, Paul J. and Kristine M. Budiac, owners of Paulie's Pub and Eatery 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 Fifty Thousand and 00/100 Dollars ($50,000), under the rehabilitation loan program for projects within a 1/2 mile of Tax Increment District #11 (84th and Greenfield ) for the installation of a sprinkler system within the established restaurant located at 8301 W. Greenfield Avenue, West Allis; and,
WHEREAS, the Department of Development has reviewed the loan request from Paul J. and Kristine M. Budiac, owners of Paulie's Pub and Eatery LLC, and has determined that the Project is eligible for funding under the National Avenue Commercial Corridor and based on the location of the property being within 1/2 mile of Tax Increment District #11 (84th and Greenfield); and,
WHEREAS, the Department of Development has recommended approval of an Economic Development Loan for the purpose of completing the Project.
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 Fifty Thousand and 00/100 Dollars ($50,000) to Paul J. and Kristine M. Budiac, owners of Paulie's Pub and Eatery 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 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 non-substantive changes, modifications, additions and deletions to and from the loan documents, including any and all attachments, exhibits, addendums and amend...
Click here for full text