Title
Resolution approving the terms & conditions for an Economic Development Loan to Carrie's Crispies, LLC for acquisition of property located at 7133 W. Becher St., under the Department of Housing and Urban Development Community Development Block Grant Program in the amount of up to $67,500
Body
WHEREAS, Brian J. and Carrie J. Cieslak, owners and members of Carrie's Crispies, 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 Sixty Seven Thousand Five Hundred and 00/100 Dollars ($67,500), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of acquisition of the property located at 7133 W. Becher St.; and,
WHEREAS, the Department of Development has reviewed the loan request from Brian J. and Carrie J. Cieslak, owners and members of Carrie's Crispies, 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 March 13, 2020, 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 Sixty Seven Thousand Five Hundred and 00/100 Dollars ($67,500) to Brian J. and Carrie J. Cieslak, owners and members of Carrie's Crispies, 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 RESOLV...
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