CCR2013051-RLF-Salon
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #051-2013
APPROVAL OF REVOLVING LOAN FUND APPLICATION
(Haven Salon & Day Spa Corp)
S76 W17789 Janesville Road / Tax Key No. 2196.970
WHEREAS, The City of Muskego is a participant in the Revolving Loan Fund (RLF)
Plan; and
WHEREAS, Haven Salon & Day Spa Corp has submitted a loan application form
requesting a loan in the amount of $100,000; and
WHEREAS, The Community Development Authority has recommended approval at its
May 21, 2013 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 Haven Salon & Day
Spa Corp subject to the following conditions:
1. That a $100,000 RLF loan is provided to Haven Spa & Salon, LLC and Haven Salon &
Day Spa Corp.
2. That the RLF loan is matched with loans of at least $332,000 from Investors Bank and
the Wisconsin Women’s Business Initiative Corporation (WWBIC).
3. That the RLF loan is matched with at least $36,000 in owner’s equity.
4. That a $50,000 Letter of Credit is carried that is directly attributed to the City of
Muskego during the full life of the loan is carried and that this letter of credit is defaulted to
the City of Muskego for any loss the City may incur in the event of the default of the City’s
loan.
5. That the RLF loan is provided with a term and amortization of 10 years, a four-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.
6. That the RLF loan is secured with the collateral described above.
7. That the Company is current on all lending conditions required by Investors Bank and
WWBIC.
8. That the Company agrees to create the jobs described above.
9. That the borrowers provide to the City, or its designee, on an annual basis, semi-annual
financial statements and signed copies of their Federal income tax return.
Resolution #051-2013 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 28 DAY OF MAY , 2013.
SPONSORED BY:
COMMUNITY DEVELOPMENT AUTHORITY
Ald. Kevin Kubacki
Ald. Robert Wolfe
This is to certify that this is a true and accurate copy of Resolution #051-2013 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer