HomeMy WebLinkAboutResolution #3317
RESOLUTION N0. 3317
A RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON
AND Mel Harris OWNER OF True value Hardware
WHEREAS, the Canton City Council has approved the concept
and guidelines to loan funds to businesses from the Tax Increment
Financing (TIF) districts for building improvements in the
respective districts; and,
WHEREAS, the Community and Industrial Development Committee
has determined that it is necessary and in the best interest of
the City of Canton to enter into a loan agreement with
Mel Harris, evidenced by a NOTE hereto attached and herein
incorporated as Exhibit "A"; and,
WHEREAS, the Canton City Council has made a similar
determination.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and ~ is hereby
approved.
2. That the loan funds are to be used for building
improvements in the TIF district.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Illinois.
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PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 16 th day of
April ~~g 96~ upon a roll call vote as follows:
AYES: Aldermen Molleck, Hartford, Sarff, Phillips, Meade,
Shores, Maya
NAYS: None.
ABSENT: None.
APP VED:
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