CCR2013093-DeltaRestaurant LoanGrant
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #093-2013
APPROVAL OF A TIF 8 LOAN & GRANT
Delta Restaurant
S75 W17358 Janesville Road / Tax Key No. 2193.088
WHEREAS, James Paulos of Delta Restaurant has submitted a loan application form
requesting a loan in the amount of $75,000 and associated grant monies; and
WHEREAS, The Common Council, upon recommendation from the Community
Development Authority, amended Tax Increment District #8 in November 2012 per
Council Resolution #111-2012 to include businesses properties west of Lannon
Drive/Janesville Road; and
WHEREAS, It was the intent of the TID 8 amendment to utilize leftover TID monies for
various redevelopment projects for the businesses within the amended boundaries; and
WHEREAS, Said property is within the boundaries of amended TID #8 and within the
boundaries of the adopted Redevelopment District #2; and
WHEREAS, The Community Development Authority has recommended approval of up
to a $75,000 loan at its October 21, 2013 meeting, subject to the conditions outlined
herein being met; and
WHEREAS, The Community Development Authority has recommended a grant
approval, under the auspices of the adopted Commercial Building and Site Grant Fund
of $7,500 at its October 21, 2013 meeting, subject to the conditions outlined herein
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 a loan and grant submitted by James Paulos subject to the following
conditions:
Grant Conditions-
A. Projects must be completed within 12 months of Common Council
approval or the grant shall become void.
B. Changes in the approved work, that affect the monetary value of the grant
issued, must be approved by the CDA and possibly other City boards (The
City’s Planning Commission if change is deemed substantial to what was
originally approved).
C. Approved changes in work verifications will be attached to the original
applications dated and signed by the City’s Community Development
Department.
D. The applicant and Community Development Department staff will review
proof of payment and completed work before the grant payment will be
Resolution #093-2013 Page 2
made to the applicant. Payment will only be issued when it is verified that
the work completed matches the work approved by the CDA and Common
Council.
E. Deviations from an approved plan may disqualify the applicant from this
program.
Loan Conditions-
1. That a $75,000 loan is provided to James Paulos of Gather Eatery and Bar
(Formerly Delta Restaurant).
2. That 100% of the loan is matched with equity, letters of credit, and/or
mortgages with the city in first position.
3. That the loan is provided with a term and amortization of no more than five (5)
years, no more than a two-month deferral on principal payments, and an
interest rate of 50% of the going prime rate. Interest-only payments would be
made on a monthly basis during the deferral period.
4. 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.
BE IT FURTHER RESOLVED That the Mayor and Clerk-Treasurer are authorized to
sign any documents in the name of the City.
ND
DATED THIS 22 DAY OF OCTOBER , 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 #093-2013 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer