HomeMy WebLinkAboutResolution #3185:~.
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RESOLUTION ND. 3185
A RESOLUTION APPRi~1/ I NG A L(]AN BETV~EE]V Ti-E CITY OF CAN(i'ON AND
RICK LILLIE.
W~~EFiEAS, 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,
Wf_FiFAS, 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 Rick
Lillie, evidenced by a NOTE thereof attached and herein
incorporated as Exhibit "A"; and,
VM-F.RFJ~1S, the Canton City Counc i I has made a s imi I ar
determination.
NOW, "I1-EREFORE, BE I T RESOLVFF~ BY TI-E CITY OOI~VC I L OF TF-E
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the loan and the NOTE, hereto attached as Exhibit
"A", between the City of Canton and Rick Lillie 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
im~nediately 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 17th day of August,
1993, upon a roll call vote as follows:
~~i
AYES: Aldermen Chapman, May, Meade, Sarff, Phillips, Nlolleck,~Coay.
NAYS : lone
gggp~ ; Alderman Bohler .
AP
~~~~
Donald E. Edwards, Mayor
ATTEST:
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Nancy Whit City Clerk
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Rick Lillie, 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 (596) per annum from
the date hereof to and including August 30, 1998.
PAYf1~E-Ni 94-iimU_E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 30th day of
September, 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 (596) per annum with
the first payment due on September 30, 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. Rick Lillie 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, Rick Lillie 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 30th day of August, 1993.
ICK LILLIE
Rick Lillie Rehab Loan Fund Payment Schedule
$2,500.00 C~ 596 interest for 5 years.
Due Date Total Due Interest Principal Balance
1993
September
52.09
10.42
41.67 2500.00
2458
33
October 51.91 10.24 41.67 .
2416
66
November 51.74 10.07 41.67 .
2374
99
December 51.57 9.90 41.67 .
2333.32
1994
January 51.39 9.72 41.67 2291
65
February 51.22 9.55 41.67 .
2249
98
March 51.04 9.37 41.67 .
2208
31
April 50.87 9.20 41.67 .
2166.64
MaY 50.70 9.03 41.67 2124.97
June 50.52 8.85 41.67 2083
30
July 50.35 8.68 41.67 .
2041.63
August 50.18 8.51 41.67 1999.96
September 50.00 8.33 41.67 1958
29
October 49.83 8.16 41.67 ,
1916.62
November 49.66 7.99 41.67 1874.95
December 49.48 7.81 41.67 1833.28
1995
January 49.31 7.64 41.67 1791.61
February 49.14 7.47 41.67 1749.94
March 48.96 7.29 41.67 1708.27
April 48.79 7.12 41.67 1666.60
May 48.61 6.94 41.67 1624.93
June 48.44 6.77 41.67 1583.26
July 48.27 6.60 41.67 1541.59
August 48.09 6.42 41.67 1499.92
September 47.92 6.25 41.67 1458.25
October 47.75 6.08 41.67 1416.58
November 47.57 5.90 41.67 1374.91
December 47.40 5.73 41.67 1333.24
1996
January 47.23 5.56 41.67 1291.57
February 47.05 5.38 41.67 1249.90
March 46.88 5.21 41.67 1208.23
April 46.70 5.03 41.67 1166.56
May 46.53 4.86 41.67 1124.89
June 46.36 4.69 41.67 1083.22
July 46.18 4.51 41.67 1041.55
August 46.01 4.34 41.67 999.88
September 45.84 4.17 41.67 958.21
October 45.66 3.99 41.67 916.54
November 45.49 3.82 41.67 874.87
December 45.32 3.65 41.67 833.20
M-
1997
January 45.14 3.47 41.67 791.53
February 44.97 3.30 41.67 749.86
March 44.79 3.12 41.67 708.19
April 44.62 2.95 41.67 666.52
May 44.45 2.78 41.67 624.85
June 44.27 2.60 41.67 583.18
July 44.10 2.43 41.67 541.51
August 43.93 2.26 41.67 499.84
September 43.75 2.08 41.67 458.17
October 43.58 1.91 41.67 416.50
November 43.41 1.74 41.67 374.83
December 43.23 1.56 41.67 333.16
1998
January 43.06 1.39 41.67 291.49
February 42.88 1.21 41.67 249.82
March 42.71 1.04 41.67 208.15
April 42.54 .87 41.67 166.48
May 42.36 .69 41.67 124.81
June 42.19 .52 41.67 83.14
July 42.02 .35 41.67 41.47
August 41.64 .17 41.47 0.00