HomeMy WebLinkAboutResolution #3103r.
RESOLUi-IaN Nq. 3103
A RE90LlJT I ON APF'FmV I f~ A LOr4N BEIWEFJV TI-E CITY OF CANTQV
~D RAY JACK.9aV, PRESIDENT OF JATE I NC .
VII-ERFAS, the Canton City Counci I 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,
W-EREAS, 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 JATE Inc.,
evidenced by a NOTE hereto attached and herein incorporated as
Exhibit "A"; and,
W-ERE.AS, the Canton City Council has made a similar
determination.
NOW, AFORE , BE I T RESOLVED BY Tlf C 1 TY OQNC I L OF TI-E
CITY OF G4NTON, Fulton County, Illinois as follows:
1. That the loan and NOTE, hereto attached as Exhibit "A",
between the City of Canton and Ray Jackson 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,
1992, upon a roll call vote as follows:
AYES: Aldermen Coay, Sarff, Steck, Bohler, Meade, Barnett, May.
NAYS: None.
ABSENT: Alderman Molleck,
APPF+r7VE~:
~~~
onald E. Edwards, Mayor
ATTEST:
Na °y White City Clerk
~~
Ray Jackson, President of JATE, Inc.,
order of the CITY OF C,QIYfON, an I l l inois
the sum of Two Thousand Five Hundred
($2,500.00), together with interest, there
Percent (5%) per annum from the date hereof
24, 1997.
promises to pay to the
municipal corporation,
and 00/100 Dollars
~n at the rate of Five
to and including April
PAYII~ElYT 9GfDl1.,E :
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each corm~encing on the 24th day of
May 1992, and continuing every month thereafter until the
principal is paid in full.
(b) INTEREST: Interest shall be paid on the unpaid
a
principal balance at the rate of five percent (996) per annum with
the first payment due on May 24, 1992 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. Ray Jackson 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, Ray Jackson 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 23rd day of April, 1992.
y Ja son, Pre 'dent
J Inc.
JATE's Rehab Loan Payment Schedule
$2,500.00 ~ 996 interest for 5 years.
Due Date Total Due Interest Principal Balance
1992
~Y
June
52.09
10.42
41.67 2500.00
2458.33
July 51.91 10.24 41.67 2416.66
August 51.74 10.07 41.67 2374.99
September 51.57
51.39 9.90
9
72 41.67 2333.32
October
51.22 .
9.55 41.67
41.67 2291.65
2249
98
November
December 51.04 9.37 41.67 .
2208.31
50.87 9.20 41.67 2166.64
1993
January
Februar 50.70
50 9.03 41.67 2124.97
y
March .52 8.85 41.67 2083.30
April 50.35 8.68 41.67 2041.63
~Y 50.18 8.51 41.67 1999.96
50.00 8.33 41.67 1958
29
June 49.83 8.16 41.67 .
1916.62
JuIY
August 49.66
4 7.99 41.67 1874.95
September 9.48
49.31 7.81
7.64 41.67
41.67 1833.28
1791
61
October 49.14 7.47 41.67 .
1749.94
November 48.96 7.29 41.67 1708.27
December 48.79 7.12 41.67 1666.60
1994
January 48.61 6.94 41.67 1624.93
February 48.44 6.77 41.67 1583.26
March 48.27 6.60 41.67 1541.59
April 48.09 6.42 41.67 1499.92
~Y 47.92 6.25 41.67 1458.25
June 47.75 6.08 41.67 1416.58
July 47.57 5.90 41.67 1374.91
August 47.40 5.73 41.67 1333.24
September 47.23 5.56 41.67 1291.57
October 47.05 5.38 41.67 1249.90
November 46.88 5.21 41.67 1208.23
December 46.70 5.03 41.67 1166.56
1995
January 46.53 4.86 41.67 1124.89
February 46.36 4.69 41.67 1083.22
March 46.18 4.51 41.67 1041.55
April 46.01 4.34 41.67 999.88
~Y 45.84 4.17 41.67 958.21
June 45.66 3.99 41.67 916.54
July 45.49 3.82 41.67 874.87
August 45.32 3.65 41.67 833.20
September 45.14 3.47 41.67 791.53
October 44.97 3.30 41.67 749.86
November 44.79 3.12 41.67 708.19
December 44.62 2.95 41.67 666.52
•
1996
January 44.45 2.78 41.67 624
85
February 44.27 2.60 41.67 .
583
18
March 44.10 2.43 41.67 .
541
51
April 43.93 2.26 41.67 .
499
84
~Y 43.75 2.08 41.67 .
458
17
June 43.58 1.91 41.67 .
416
50
JuIY 43.41 1.74 41.67 .
374
83
August 43.23 1.56 41.67 .
333
16
September 43.06 1.39 41.67 .
291
49
October 42.88 1.21 41.67 .
249
82
November 42.71 1.04 41.67 .
208
15
December 42.54 .87 41.67 .
166.48
1997
January 42.36 .69 41.67 124
81
February 42.19 .52 41.67 .
83
14
March 42.02 .35 41.67 .
41
47
April 41.64 .17 41.47 .
0.00