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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.
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