CCR2009107-RLF-DK Motor
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #107-2009
APPROVAL OF REVOLVING LOAN FUND APPLICATION
(DK Motor Parts Inc.)
WHEREAS, The City of Muskego is a participant in the Revolving Loan Fund (RLF)
Plan; and
WHEREAS, DK Motor Parts Inc. has submitted a loan application form requesting a
loan in the amount of $80,000; and
WHEREAS, The Community Development Authority has recommended approval at its
July 9, 2009 meeting, subject to the conditions outlined by SEWRPC being met.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Community Development Authority, does
hereby approve the attached loan fund application submitted by DK Motor Parts Inc.
subject to the following conditions:
1. That a $80,000 RLF loan is provided to DK Motor Parts Inc.
2. That the RLF loan is matched with loans of at least $470,000 from a local
financial institution and $125,000 in owners’ equity.
3. That the RLF loan is provided with a term and amortization of 10 years, a 6-
month deferral on principal payments, and an interest rate of 1.625 percent.
Interest-only payments would be made on a monthly basis during the deferral
period.
4. That the RLF loan is secured with the collateral described above.
5. That the Company is current on all lending conditions required by the supporting
local financial institution.
6. That the Company creates 4 new full-time equivalent jobs that are recruited
through the Waukesha County Workforce Development Center.
7. That the borrower provides to the City, or its designee, on an annual basis,
semi-annual financial statements and signed copies of the borrower’s Federal
income tax return.
Resolution #107-2009 Page 2
BE IT FURTHER RESOLVED That the Mayor and Clerk-Treasurer are authorized to
sign any documents in the name of the City.
TH
DATED THIS 14 DAY OF JULY , 2009.
SPONSORED BY:
COMMUNITY DEVELOPMENT AUTHORITY
Ald. Keith Werner
Ald. Kert Harenda
This is to certify that this is a true and accurate copy of Resolution #107-2009 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer