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File #: R-2020-0587    Version: 1
Type: Resolution Status: Adopted
File created: 10/6/2020 In control: Administration and Finance Committee
On agenda: 10/6/2020 Final action: 10/6/2020
Title: Resolution approving the terms & conditions of an Instore Forgivable Economic Development Loan to Timber Holdings, LLC, d/b/a Double B's BBQ and/or assigns, for the property located at 7412 W. Greenfield Ave., under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $50,000
Sponsors: Administration and Finance Committee
Attachments: 1. Res_R-2020-0587 (1), 2. Commitment Letter - Timber Holdings, 3. Res_R-2020-0587 signed
Related files: 20-0462
Title
Resolution approving the terms & conditions of an Instore Forgivable Economic Development Loan to Timber Holdings, LLC, d/b/a Double B's BBQ and/or assigns, for the property located at 7412 W. Greenfield Ave., under the Department of Housing and Urban Development Community Development Block Grant Program in an amount not to exceed $50,000

Body
WHEREAS, Mark Timber, managing member and owner of Timber Holdings, LLC, d/b/a Double B's BBQ and/or assigns, 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 Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of the purchase of equipment acquisition of the property located at 7142 W. Greenfield Ave.; and,

WHEREAS, the Department of Development has reviewed the loan request from Mark Timber, managing member and owner of Timber Holdings, LLC, d/b/a Double B's BBQ and/or assigns, 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 Instore Forgivable loan for the purpose of completing the Project; and,

WHEREAS, the Economic Development Loan Task Force met on October 1, 2020, to consider the loan application and recommended approval of this Instore Forgivable 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 Fifty Thousand and 00/100 Dollars ($50,000) to Mark Timber, managing member and owner of Timber Holdings, LLC, d/b/a Double B's BBQ, 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...

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