CCR2014023-Loan-Jewell
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #023-2014
APPROVAL OF LOAN APPLICATION
(Jewell Homes LLC)
(Janesville Road and Lannon Drive/Tax Key No. 2196.952)
WHEREAS, Jewell Homes LLC is requesting a $100,000 loan modeled under the City’s
Janesville Road Commercial Building & Site Loan Program; and
WHEREAS, The Community Development Authority has recommended approval at its
January 21, 2014 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 loan fund application submitted by Jewell Homes LLC subject to
the following conditions:
1. That a $100,000 loan is provided to Jewell Homes, LLC from the City’s
Janesville Road Commercial Building & Site Loan Program.
2. That the City’s loan is matched with a loan of $260,000 from the Citizens Bank of
Mukwonago.
3. That the City’s loan is provided with a term of 10 years, an amortization of 20
years, a 12-month deferral on principal payments, and an interest rate of 1.625
percent. The interest rate would be fixed for the term of the loan. Interest-only
payments would be made on a monthly basis during the deferral period.
4. That the City’s loan is secured with the collateral described above.
5. That the Company obtains the necessary approvals from the City to construct a
new building on the subject property.
6. That the Company is current on all lending conditions required by Citizens Bank.
7. That the Company provides to the City, or its designee, on an annual basis,
annual financial statements and signed copies of its 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.
TH
DATED THIS 11 DAY OF MARCH , 2014.
Resolution #023-2014 Page 2
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 #023-2014 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer