CCR2015017-CommercialLoanProgram-Fitzgerald
COMMON COUNCIL – CITY OF MUSKEGO
RESOLUTION #017-2015
RESOLUTION AUTHORIZING A LOAN FROM THE APPROVED COMMERCIAL
BUILDING AND SITE LOAN PROGRAM
(Mike Fitzgerald)
WHEREAS, The Common Council approved the Commercial Building and Site Loan
Program per Resolution #105-2009 to help foster the development and redevelopment
of the properties affected by the upcoming Janesville Road reconstruction, and
WHEREAS, The Common Council has designated the Community Development
Authority (CDA) as the recommending approval body for the loan program, and
WHEREAS, A submittal from Mike Fitzgerald who owns the land and structures that
leases to Twisted Cork at S74 W16834 Janesville Road has been received, which
requests a $33,300 low interest loan from the city to aid in making improvements to the
current property; and
WHEREAS, The requested $33,300 would secured with full matching collateral under a
first mortgage position on the subject real estate along with a personal guarantee from
Mike and Jill Fitzgerald; and
WHEREAS, The CDA has recommended approval of the loan request of $33,300
subject to the restrictions outlined below at its January 20, 2015 meeting.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego does hereby allow a loan of $33,300 to S74 W16834 Janesville Road subject
to the following restrictions:
A. Projects must be completed within 12 months of Common Council
approval or the loan shall become void.
B. That a $33,300 loan is provided to Mike Fitzgerald from the City of
Muskego’s Janesville Road Commercial Building & Site Loan Program.
C. That the $25,000 individual lending limit is waived for this loan request.
D. The City’s loan is matched with at least $33,314 in equity financing from
the borrowers.
E. That the City loan is provided with a nine-year term, a deferral of principal
and payments for the first six months, and an interest rate of 1.625
percent.
F. That the City loan is secured with full matching collateral under a first
mortgage position on the subject real estate along with a personal
guarantee from Mike and Jill Fitzgerald.
Reso. #017-2015 Page 2
G. That a lease is executed with the Twisted Cork, Inc. for a term of three
years with two three-year options to renew.
H. That the borrower provides to the City, or its designee, on an annual
basis, signed copies of their Federal income tax return.
BE IT FURTHER RESOLVED, That the grant may be issued by the Department of
Finance and Administration once the above restrictions are satisfied per the discretion
of the Community Development Director.
th
DATED THIS 27 DAY OF _JANUARY_, 2015.
SPONSORED BY:
COMMUNITY DEVELOPMENT AUTHORITY
This is to certify that this is a true and accurate copy of Resolution #017-2015 which
was adopted by the Common Council of the City of Muskego.
____________________________
Clerk-Treasurer