CCR2015089-Animal Doctor Loan Refinance
AMENDED
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #089-2015
REFINANCE OF REVOLVING LOAN
(Dr. Jodie Gruenstern, Animal Doctor, Inc.)
WHEREAS, The City of Muskego is a participant in the Revolving Loan Fund (RLF) Plan; and
WHEREAS, Dr. Jodie Gruenstern of Animal Doctor, Inc. was approved by the Common Council
for a Revolving Loan Fund on August 23, 2005 per Resolution #166-2005 for $100,000; and
WHEREAS, The past approval had terms of the loan for 10 years with a 20-year amortization at
3.25%; and
WHEREAS, All past payments of the original loan have been met and Dr. Gruenstern wishes to
refinance the current loan sine the original term has ended; and
WHEREAS, Approximately $60,000 is left on the loan at this time.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of Muskego,
does hereby approve the refinanced loan fund submitted by Dr. Jodie Gruenstern, subject to the
following conditions:
1. That a $60,000+ RLF refinanced loan is provided to Dr.Gruenstern, LLC.
2. That the RLF loan is provided with a term of 5 years amortized for 10 years and an
interest rate of 3.25 percent.
3. That the RLF loan is secured with the collateral of 1) A second mortgage on the
business property; and 2) The personal guarantee of Dr.Gruenstern.
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.
DATED THIS 8th DAY OF SEPTEMBER_, 2015.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #089-2015 which was
adopted by the Common Council of the City of Muskego.
_________________________
Clerk-Treasurer