Title
Resolution approving the terms & conditions for an Economic Development Loan to Ope Brewing Company, LLC and West Allis Brewing Property, LLC for the establishment of a brewery and entertainment venue located at 6749-51 W. National Avenue, 67** W. National Avenue and a portion of 67** W. Mitchell St., in the amount of up to $150,000
Body
WHEREAS, the Community Development Authority approved the sale of land to Ope Brewing Company, LLC and West Allis Brewing Property, LLC for the establishment of a brewery and entertainment venue; and,
WHEREAS, Adam Anders, John Onopa and Kyle Ciske, owners and members, have applied for an Economic Development Loan from the City of West Allis in the amount of One Hundred Fifty Thousand Dollars and 00/100 ($150,000), for the establishment of a brewery and entertainment venue to be located at 6749-51 W. National Avenue, 67** W. National Avenue and a portion of 67** W. Mitchell St.; and,
WHEREAS, the Economic Development Program has recommended approval of the loan for the purpose of completing the Project; and,
WHEREAS, the Economic Development Loan Task Force met on March 11, 2021 to consider the loan application and recommended approval of the 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 the amount not to exceed One Hundred Fifty Thousand and 00/100 Dollars ($150,000) to Ope Brewing Company, LLC and West Allis Brewing Property, 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 REVOLED 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.
BE IT FURTHER RESOLVED that $100,000 will be funded from Tax Incremental Financing District Number 14 (Milwaukee Ductile Iron) and $50,000 from the Community Development Block Grant program.
cc: Economic Development
Finance Department
DEV-R-1052-3-16-21