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File #: Res.15-0444    Version: A Name: Request for an Extension of a City Guarantee for the Revolving Loan Fund for Altus Vinyl, LLC
Type: Resolution Status: Passed
File created: 12/1/2015 In control: City Attorney's Office
On agenda: 12/1/2015 Final action: 12/1/2015
Title: Request for an Extension of a City Guarantee for the Revolving Loan Fund for Altus Vinyl, LLC Resolved, that permission is granted for the City of Racine to extend a limited loan guarantee for Altus Vinyl, LLC, from December 9, 2015 to December 9, 2017, in an amount not to exceed $50,000.00 (the original limited loan guarantee amount) and that the Mayor and City Clerk are authorized and directed to execute such a guarantee extension. Fiscal Note: The funding source for this limited loan guarantee extension will continue to be the Intergovernmental Revenue Sharing Account (Org. 45260) and is being used to maintain a loan guarantee from WHEDA (Wisconsin Housing and Economic Development Authority) for a loan from the RCEDC administered Racine Development Group Revolving Loan Fund (RLF) to Altus Vinyl, LLC, and has been for the purchase of equipment, provide general working capital and startup expenses.
Sponsors: James Morgenroth
Attachments: 1. Altus Extension Memo
Related files: 15-01015

Sponsor

Alderman Morgenroth

 

Title

Request for an Extension of a City Guarantee for the Revolving Loan Fund for Altus Vinyl, LLC

 

Resolved, that permission is granted for the City of Racine to extend a limited loan guarantee for Altus Vinyl, LLC, from December 9, 2015 to December 9, 2017, in an amount not to exceed $50,000.00 (the original limited loan guarantee amount) and that the Mayor and City Clerk are authorized and directed to execute such a guarantee extension.

 

Fiscal Note: The funding source for this limited loan guarantee extension will continue to be the Intergovernmental Revenue Sharing Account (Org. 45260) and is being used to maintain a loan guarantee from WHEDA (Wisconsin Housing and Economic Development Authority) for a loan from the RCEDC administered Racine Development Group Revolving Loan Fund (RLF) to Altus Vinyl, LLC, and has been for the purchase of equipment, provide general working capital and startup expenses.