Title
Resolution approving the terms & conditions for an Economic Development Loan to BT Enterprises, LLC WA for the acquisition of the property at 7335 W. Greenfield Avenue, under the Department of Housing and Urban Development Community Development Block Grant Program in the amount of up to $40,000
Body
WHEREAS, BT Enterprises, LLC WA is a limited liability corporation created under the laws of Wisconsin and has applied for an economic development loan from the City of West Allis in the amount of Forty Thousand and 00/100 Dollars ($40,000), under the Department of Housing and Urban Development Community Development Block Grant Program, for the purpose of purchasing real estate at 7335 W. Greenfield Avenue (Tax Key No. 453-0118-000); and,
WHEREAS, the Economic Development Program has reviewed the loan request from Brandon W. Strege and Thomas A. Miller, owners and members of BT Enterprises, LLC WA 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 for the 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 Forty Thousand and 00/100 Dollars ($40,000) to Brandon W. Strege and Thomas A Miller, owners and members of BT Enterprises LLC, WA 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 Ci...
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