HomeMy WebLinkAboutResolution #3166•`"~.
RESOLUTION N0. 3166
A RESOLUTION APPROVING A LOAN BETf~TEEA THE CITY OF CANTON AND
MEL HARRIS, OWNER OF MELDS SPORTING GOODS.
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,
owner of Mel's Sporting Goods, evidenced by a NOTE thereof
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 CANTOR, Fulton County, Illinois as follows:
1. That the loan and the NOTE, hereto attached as Exhibit
"A", between the City of Canton and Mel Harris 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.
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 21st day of April,
1993, upon a roll call vote as follows:
~~
gygS; Aldermen May, Chapmnatl, Bohler, Steck, Sarff, Coay, Molleck.
HAYS: None•
~g~ : Alderman Meade .
APPRO
. ~, L
on~ld E. wards, Mayor
ATTEST
ancy Whites, ~ity Clerk
_-: ,
ROTE
Mel Harris, owner of Mel's Sporting Goods, promises to pay to
the order of the CITY OF CANTON, an Illinois municipal
corporation, the sum of Two Thousand Five Hundred and 00/100
Dollars ($2,500.00), together with interest, thereon at the rate
of Five Percent (57) per annum from the date hereof to and
including April 23, 1998•
PAIQ~A'r SCH]~DIILB:
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 23rd day of
May, 1993, and continuing every month thereafter until the
principal is paid in full.
(b) INTEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5~) per annum with
the first payment due on May 23, 1993, and then continuing every
month thereafter until said interest and principal is fully paid.
IInpaid interest shall be added to principal and bear interest
at the same rate as noted above Por the principal. Interest shall
be considered unpaid if not received by the City of Canton within
7 calendar days following the due date. Mel Harris shall have the
right to prepay any and all interest and principal at any time
without penalty or additional interest.
To secure the payment of this Note, Mel Harris hereby
irrevocably empowers any attorney at any time hereafter to appear
for us in any court in term time or vacation, and confess judgment
against us, each or any of us, including any guarantor(s) hereof,
without process of this Note in favor of any legal holder, for all
sums owing hereon, interest, costs, and reasonable attorney's
fees, and to waive all right of appeal, release all errors and
consent to immediate execution.
DATED: This day of April, 1993.
MEL'S SPORTING GOODS
BY:
Mel Harris
Owner
ROTE
Mel Harris, owner of Mel's Sporting
the order of the CITY OF CANTON,
corporation, the sum of Two Thousand
Dollars ($2,500.00), together with irate:
of Five Percent (5~) per annum from
including April 23, 199$.
Good
an
Five
pest,
the
s, promises to pay to
Illinois municipal
Hundred and 00/100
thereon at the rate
date hereof to and
PAYI~'P SCHEDIILE:
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 23rd day of
May, 1993, and continuing every month thereafter until the
principal is paid in full.
(b) INTEREST: Interest shall be paid on the unpaid
principal balance at the rate of five percent (5z) per annum with
the first payment due on May 23, 1993, and then continuing every
month thereafter until said interest and principal is fully paid.
Unpaid interest shall be added to principal and bear interest
at the same rate as noted above for the principal. Interest shall
be considered unpaid if not received by the City of Canton within
7 calendar days following the due date. Mel Harris shall have the
right to prepay any and all interest and principal at any time
without penalty or additional interest.
~~
To secure the payment of this Note, Mel Harris hereby
irrevocably empowers any attorney at any time hereafter to appear
for us in any court in term time or vacation, and confess judgment
against us, each or any of us, including any guarantor(s) hereof,
without process of this Note in favor of any legal holder, for all
sums owing hereon, interest, costs, and reasonable attorneys
fees, and to waive all right of appeal, release all errors and
consent to immediate execution.
DATED: This ~ ~ day of April, 1993.
MELDS SPORTING GOODS
BY:
Mel Harris
Owner