HomeMy WebLinkAboutResolution #3147
~SOLIJT I aIV W0. 3147
A RESflft.UT I pd APPRON I NG A LQAN BE7VIEF]V TI-E CITY OF CANTQV APD
MEL HARRIS.
W-EREAS, 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,
VI!-IFJ~EAS, the Community and I ndus t r i a l Development 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,
chief executive of Harris Enterprises, evidenced by a NOTE thereof
attached and herein incorporated as Exhibit "A"; and,
IAFfREAS, the Canton City Council has made a similar
determination.
NaN, TFEREFq~E, BE 1 T RE90LVED BY T1-E CITY OOINC 1 L OF TFf
CITY of C1~NTaV, Fulton County, Illinois as follows:
1. That the loan and the NOTE, hereto attached as Exhibit
"A", between the City of Canton and Met 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 20th day of October
1992, upon a roll call vote as follows:
AYES: Aldern~en Molleck, Coay~, Sazf~, Steck, Bohlen, Meade, QzapmanA May,
NAYS: None..
ABSENT: Nane.
AP
~' ~~
2
onald E. Edwards, Mayor
ATTEST:
Nancy White ~ City Clerk
Mel Harris, chief executive of Harris Enterprises, 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 October 23, 1997.
PAYf1NElvf 9Q-F~II~E
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 23rd day of
November 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 November 23, 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. 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.
QATED: This 23rd day of October 1992.
HARRIS ENTERPRISES
BY:
Mel Harris
Chief Executive
/" ~ x t
Mel Harris, chief executive of Harris Enterprises, 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 October 23, 1997.
PAYNENif~ 9q-mIJLE:
(a) PRINCIPAL: Principal shall be paid in sixty (60) equal
monthly installments of $41.67 each commencing on the 23rd day of
November 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 (596) per annum with
the first payment due on November 23, 1992 and then continuing
every month thereafter until said interest and principal is fully
paid. :~,
z
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 attorney's
fees, and to waive all right of appeal, release all errors and
consent to irm~ediate execution.
DATED: This 23rd day of October 1992.
HARRIS ENTERPRISES
BY : j%~~,
Mel` Harr i s
Chief Executive---
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