HomeMy WebLinkAboutResolution #3139..
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~~.~' 1 ~ ~. 3139..
A RE90U1T 1 pV APPFmV I I~ A LCIAN 13ElVIEEN Ti-E CITY aF CAIVT~V BPD
F7J8ERT F. NAYLaR.
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,
W-EREAS, the Community and Industrial Development has
determined that it is necessary and in the best interest of the
City of Canton to enter into a loan agreement with Robert F.
Naylor, owner of Naylor's Retail Store, evidenced by a NOTE
thereof attached and herein incorporated as Exhibit "A"; and,
W-QiF~S, the Canton City Council has made a similar
determination.
NUW, 11Ff3iEFq~E, BE I T RE90L.VED BY ll-E C 1 TY QOINC I L aF Ttf
CITY OF G41Vf~V, Fulton County, Illinois as follows:
1. That the loan and the NOTE, hereto attached as Exhibit
"A", between the City of Canton and Robert F. Naylor 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.
PASSF~ by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 15th day of September
1992, upon a roll call vote as follows:
AYES: Aldermen Nfolleck, Coat', Sarff, Steck, Bohlen, Meade, t~a~xnan~
Molleck.
NAYS : Nm~e .
None.
AP
Donald E. Edwards, Mayor
ATTEST:
~~~~t! ~~
Nancy White City Cterk
Robert F. Naylor, owner of Naylor's Retail Store, 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 (5%) per annum from the date hereof to and
including September 18, 1997.
PAYNE1Yf 9Q-F~IJ<.E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 18th day of
October, 1992, 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 October 18, 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. Robert F. Naylor 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, Robert F. Naylor 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.
GATED: This 18th day of September, 1992.
Robert F. Naylor
Own e r
s~
Robert F. Naylor, owner of Naylor's Retail Store, promises to
pay to the order of the CITY OF CAf~fl"CN, 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 (5%) per annum from the date hereof to and
including September 18, 1997.
PAYMENT 9Ci-EDU_E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 18th day of
October, 1992, 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°'0) per annum with
the first payment due on October 18, 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. Robert F. Naylor 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, Robert F. Naylor 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.
LIATED: This 18th day of September, 1992.
~-~~'ll~
Robert F Naylor
Owner
Robert Naylor Rehab Loan Fund Payment Schedule
$2,500.00 @ 5% interest for 5 years.
Due Date Total Due Interest Principal Balance
1992 2500.00
October 52.09 10.42 41.67 2458.33
November 51.91 10.24 41.67 2416.66
December 51.74 10.07 41.67 2374.99
1993
January 51.57 9.90 41.67 2333.32
February 51.39 9.72 41.67 2291.65
March 51.22 9.55 41.67 2249.98
April 51.04 9.37 41.67 2208.31
May 50.87 9.20 41.67 2166.64
June 50.70 9.03 41.67 2124.97
July 50.52 8.85 41.67 2083.30
August 50.35 8.68 41.67 2041.63
September 50.18 8.51 41.67 1999.96
October 50.00 8.33 41.67 1958.29
November 49.83 8.16 41.67 1916.62
December 49.66 7.99 41.67 1874.95
1994
January 49.48 7.81 41.67 1833.28
February 49.31 7.64 41.67 1791.61
March 49.14 7.47 41.67 1749.94
April 48.96 7.29 41.67 1708.27
May 48.79 7.12 41.67 1666.60
June 48.61 6.94 41.67 1624.93
July 48.44 6.77 41.67 1583.26
August 48.27 6.60 41.67 1541.59
September 48.09 6.42 41.67 1499.92
October 47.92 6.25 41.67 1458.25
November 47.75 6.08 41.67 1416.58
December 47.57 5.90 41.67 1374.91
1995
January 47.40 5.73 41.67 1333.24
February 47.23 5.56 41.67 1291.57
March 47.05 5.38 41.67 1249.90
April 46.88 5.21 41.67 1208.23
May 46.70 5.03 41.67 1166.56
June 46.53 4.86 41.67 1124.89
July 46.36 4.69 41.67 1083.22
August 46.18 4.51 41.67 1041.55
September 46.01 4.34 41.67 999.88
October 45.84 4.17 41.67 958.21
November 45.66 3.99 41.67 916.54
December 45.49 3.82 41.67 874.87
1996
January 45.32 3.65 41.67 833.20
February 45.14 3.47 41.67 791.53
March 44.97 3.30 41.67 749.86
April 44.79 3.12 41.67 708.19
May 44.62 2.95 41.67 666.52
June 44.45 2.78 41.67 624.85
July 44.27 2.60 41.67 583.18
August 44.10 2.43 41.67 541.51
September 43.93 2.26 41.67 499.84
October 43.75 2.08 41.67 458.17
November 43.58 1.91 41.67 416.50
December 43.41 1.74 41.67 374.83
1997
January 43.23 1.56 41.67 333.16
February 43.06 1.39 41.67 291.49
March 42.88 1.21 41.67 249.82
April 42.71 1.04 41.67 208.15
May 42.54 .87 41.67 166.48
June 42.36 .69 41.67 124.81
July 42.19 .52 41.67 83.14
August 42.02 .35 41.67 41.47
September 41.64 .17 41.47 0.00
partmento,
mmunity
evelopment
CITY of C~INTON
210 Eo><t Chestnut Sf r~~t
Canton, 111 inoi• 61520
309 647- 1288
TO: Mayor Edwards and members of the Clerical Committee
FRCt~A: Chr i s Spears, Director ~~
RE: Rehabilitation Loan Fund Application - Naylor's Retail Store
DOTE: September 4, 1992
Attached you will find a Rehabilitation Loan Fund R.pplication
completed by Bob Naylor who plans to open a new business in Canton
at 26 & 24 t/2 South Main Street. It will be a family owned and
operated business known as Naylor's Retail Store. The business will
consist of a VCR repair center and a locksmith shop. Furthermore,
Mr. Naylor intends to open a wholesale ice business in the back of ~
the building.
The request is in the arrount of $2500.00 and will I<~e matched i~
with an additional $2700.00. It should be noted that the city
requires that the requested amount be matched with 5096 of the amount
requested which would only be $1250.00. The loan will be used to
help pay for the following: replace and repair the roof, repair
bricks on the front of the building; repair windows facing South
Main Street, installing a new front door on 24 1/2 S. Main ark
constructing an awning over the entrance at 26 S. Main. J
This application meets all of the requirements to be eligi
for this loan and therefore I am asking that you recorrme!±d thi3
be approved by the city council. If you have any queS
pertaining to this request, please do not hesitate to contact ~
i
cc: Pat Wright
Canton Rehabilitation Loan Fund Application
General Information
Table I
anon Status:
a, vr~ginal x Date
o. Revised Date
c. Amended Date
9-4-92
Lega l Amp l i can t/ Rec i p i en t
a . ~~ ; ROBERT NAYLOR
b . Address : ~ ~~ T MDCn~, r~
c. C i t y: ~,,,~r~~
d. Zip Code:
e. Name and Tit a of Chief Executive Officer:
ROBERT F. NAYLOR OWNER
f , e I ephone : ~~~,~
Amount of Request:
~ 2500.00
Legal Applicant;Recipient Certifies That:
To the best of my knowledge and belief, data in this application are true and
correct, the document has been duly authorized by the governing body of the
recipient and the recipient will comply with the attached guidelines which are
outlined in the Rehabilitation Loan Fund Recapture Statement, if the assistance is
approved.
~,ertifying Representative: (To be signed by Chief Executive or Designee)
ROBERT F. NAYLOR
Typed Name Signature
OWNER
Typed Title
9-4-92
Date
.his form is required for participation ~n the Rehabilitation Loan Fund Program.
~~
Canton Rehabilitation Loan Fund
,e ~
Program Sunmary
Tab I e I I
NAYLOR' 4 RF.TATT, STnRF -
~1, Protect Title:
NAYLOR'S RETAIL STORE
2. Complete address or location of the property:
26 and 24 1/2 S. MAIN ST.
CANTON, IL. 61520
3. Prioritize a list of the exact work to be accomplished and include a cost
estimate for each item:
REPLACE AND REPAIR ROOF ~~Rn nn
REPAIR BRICKS ON FRONT OF BUILDING 409.49
REPAIR WINDOWS FACING SOrrru Meru cTO~FT _ l~ldA.~~
PUT NEW FRONTAGE DOOR nN ?4 i/2 S_ MATnT T 3'+A~AA
PUT AN AWNING STRUCTURE- n«u Frrru enrrF ~ ~, S MA'i N cT __
4. Total source of funds summary:
a. Rehabilitation Loan Fund Request $ ~r~~n.nn
b. Private S na
c. Personal S 2700.00
Total: S 5200.00
Return to: City of Canton, Illinois
Department of Cormtunity Development
210 East Chestnut Street
Canton, Illinois 61520
(309) 647-1288