Title
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
Body
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 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 amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.
BE IT FURTHER RESOLVED that the proper City Officers, or any of their authorized deputies, as necessary, are authorized on behalf of the City to execute the aforesaid loan documents.
cc: Economic Development Program
Finance Department
DEV-R-1049-2-17-21
Recommend
Adopt