CCR2015058-RLF-Alpha
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #058-2015
APPROVAL OF REVOLVING LOAN FUND APPLICATION
(Alpha Plastics Solutions, Inc.)
S82 W19362 Apollo Drive / Tax Key No. 2225.999.018
WHEREAS, The City of Muskego is a participant in the Revolving Loan Fund (RLF)
Plan; and
WHEREAS, Alpha Plastics has submitted a loan application form requesting a loan in
the amount of $200,000; and
WHEREAS, The Community Development Authority has recommended approval at its
May 19, 2015 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 Alpha Plastics subject
to the following conditions:
1. That a $200,000 RLF loan is provided to Alpha Plastics Solutions, Inc.
2. That the RLF loan is matched with loans of at least $280,000 in owner’s equity.
3. That the RLF loan is matched with at least $36,000 in owner’s equity.
4. That the RLF loan is provided with a term and amortization of five years, a twelve-
month deferral on principal payments, and an interest rate of 1.625%. Interest-only
payments would be made on a monthly basis during the deferred period.
5. That the RLF loan is secured with the collateral of: 1) a Letter of Credit in the amount
of $140,000 (70%); 2) a second mortgage on the equipment, accounts receivable and
inventory; and 3) the personal guarantee of the three shareholders.
6. That the Company agrees to create 10 full-time equivalent jobs and at least 51% of the
new jobs are provided to low and moderate income persons.
7. 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.
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DATED THIS 26 DAY OF MAY , 2015.
Resolution #058-2015 Page 2
SPONSORED BY:
COMMUNITY DEVELOPMENT AUTHORITY
Ald. Kevin Kubacki
Ald. Thomas Kapusta
This is to certify that this is a true and accurate copy of Resolution #058-2015 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer