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Resolution approving the terms & conditions for an Economic Development Loan to GG 003 LLC for establishment of a dental office at 7020 W. National Avenue, under the Department of Housing and Urban Development Community Development Block Grant Program in the amount of up to $200,000
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WHEREAS, GG 003 LLC, is a limited liability corporation created under the laws of Wisconsin has applied for an economic development loan from the City of West Allis in the amount of Two Hundred Thousand and 00/100 Dollars ($200,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing equipment and inventory for the establishment of a dental office to be located at 7020 W. National Avenue; and,
WHEREAS, the Economic Development Program has reviewed the loan request from Maxwell B. and Susan A Meinerz, owners and members of GG 003 LLC, and has determined that the Project is eligible for funding under the Community Development Block Grant guidelines; and,
WHEREAS, the Economic Development Program has recommended approval of a Community Development Block Grant funded loan and the Common Council, under Resolution R-2020-0659 approved a Development agreement with GG 003 LLC for purpose of completing the Project; and,
WHEREAS, the Economic Development Loan Task Force met on February 15, 2021, 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 Maxwell B. and Susan A. Meinerz, owners and members of GG 003 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...
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