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HomeMy WebLinkAboutResolution #3093.. RESOLUTION Imo. 3093 A RESOLUTION APPRON 1 NG A LOAN BElVYEEN Ti-E C I TY OF CANTON AID R I O}iAF2D PALNER. W-EFiEA~, 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 Canton City Council has determined that it is necessary and in the best interest of the City of Canton to enter into a loan agreement with Richard Palmer, president of Canton Stationery & Equipment, Inc., evidenced by a NOTE hereto attached and herein incorporated as Exhibit "A". NOW, T>rEREFORE, BE I T RESOLVED BY Tt~ C 1 TY OOIaVC I L OF Ti-E CITY OF CAM'QV, Fulton County, Illinois as follows: 1. That the loan and NOTE, hereto attached as Exhibit "A", between the City of Canton and Richard Palmer 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 17th day of December 1991, upon a roll call vote as follows: AYES: Aldermen, Molleck, Coay, Sarff, Steck, Bohler, Meade, Barnett, May, NAYS: None. p~~: None. AP i Donald E, dwards, Mayor ATTEST: ,~ a Whit s, City Clerk Richard Palmer, president of Canton Stationery & Equipmlent, Inc., promises to pay to the order of the CITY OF CANTON, an Illinois municipal corporation, the sum of Two Thousand Three Hundred and 00/100 Dollars ($2,300.00), together with interest, thereon at the rate of Five Percent (5%) per annum from the date hereof to and including August 21, 1996. PAYMENT SCFEDU_E (a) PRINCIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each commencing on the 21st day of December 1991, 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 December 21, 1991 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. Richard Palmer 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, Canton Stationery & Equipment Inc. 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 irrrrtediate execution. DATED: This 21st day of November, 1991. Richard Palmer President Rehab Loan Payment Schedule $2,300.00 5% interest for 5 years. Due Date Total Due Interest Principal Balance 1991 2300.00 December 51.25 9.58 41.67 2258.33 1992 January 51.08 9.41 41.67 2216.66 February 50.91 9.24 41.67 2174.99 March 50.73 9.06 41.67 2133.32 April 50.56 8.89 41.67 2091.65 May 50.39 8.72 41.67 2049.98 June 50.21 8.54 41.67 2008.31 July 50.04 8.37 41.67 1966.64 August 49.86 8.19 41.67 1924.97 September 49.69 8.02 41.67 1883.30 October 49.52 7.85 41.67 1841.63 November 49.34 7.67 41.67 1799.96 December 49.17 7.50 41.67 1758.29 1993 January 49.00 7.33 41.67 1716.62 February 48.82 7.15 41.67 1674.95 March 48.65 6.98 41.67 1633.28 April 48.48 6.81 41.67 1591.61 May 48.30 6.63 41.67 1549.94 June 48.13 6.46 41.67 1508.27 July 47.95 6.28 41.67 1466.60 August 47.78 6.11 41.67 1424.93 September 47.61 5.94 41.67 1383.26 October 47.43 5.76 41.67 1341.59 November 47.26 5.59 41.67 1299.92 December 47.09 5.42 41.67 1258.25 1994 January 46.91 5.24 41.67 1216.58 February 46.74 5.07 41.67 1174.91 March 46.57 4.90 41.67 1133.24 April 46.39 4.72 41.67 1091.57 May 46.22 4.55 41.67 1049.90 June 46.04 4.37 41.67 1008.23 July 45.87 4.20 41.67 966.56 August 45.70 4.03 41.67 924.89 September 45.52 3.85 41.67 883.22 October 45.35 3.68 41.67 841.55 November 45.18 3.51 41.67 799.88 December 45.00 3.33 41.67 758.21 1995 January 44.83 3.16 41.67 716.54 February 44.66 2.99 41.67 674.87 March April 44.48 2.81 41.67 633.20 May 44.31 2.64 41.67 591.53 June 44.13 2.46 41.67 549.86 July 43.96 2.29 41.67 508.19 August 43.79 2.12 41.67 466.52 September 43.61 1.94 41.67 424.85 October 43.44 1.77 41.67 383.18 November 43.27 1.60 41.67 341.51 December 43.09 1.42 41.67 299.84 1996 January 42.92 1.25 41.67 258.17 February 42.75 1.08 41.67 216.50 March 42.57 .90 41.67 174.83 April 42.40 .73 41.67 133.16 May 42.22 .55 41.67 91.49 June 42.05 .38 41.67 49.82 July 41.88 .21 41.67 8.15 August 8.18 .03 8.15 0.00 t[ ~. Richard Palmer, president of Canton Stationery ~ Equipmlent, Inc., promises to pay to the order of the CITY OF CANTCN, an Illinois municipal corporation, the sum of Two Thousand Three Hundred and 00/100 Dollars ($2,300.00), together with interest, thereon at the rate of Five Percent (5°r6) per annum from the date hereof to and including August 21, 1996. PAYf1iEN~ 90-E>DULE (a) PRIf~CIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each cortmencing on the 21st day of December 1991, and continuing every month thereafter until the principal is paid in full. (b) IIVfEREST: Interest shall be paid on the unpaid principal balance at the rate of five percent (5°b) per annum with the first payment due on December 21, 1991 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. Richard Palmer shall have the right to prepay any and all interest and principal at any time without penalty or additional interest. 1 To secure the payment of this Note, Canton Stationery ~ Equipment Inc. 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 21st day of November, 1991. c Rich r Palmer President t Rehab Loan Payment Schedule $2,300.00 596 interest for 5 years. Due Date Total Due Interest Principal Balance 1991 2300.00 December 51.25 9.58 41.67 2258.33 1992 January 51.08 9.41 41.67 2216.66 February 50.91 9.24 41.67 2174.99 March 50.73 9.06 41.67 2133.32 April 50.56 8.89 41.67 2091.65 May 50.39 8.72 41.67 2049.98 June 50.21 8.54 41.67 2008.31 July 50.04 8.37 41.67 1966.64 August 49.86 8.19 41.67 1924.97 September 49.69 8.02 41.67 1883.30 October 49.52 7.85 41.67 1841.63 November 49.34 7.67 41.67 1799.96 December 49.17 7.50 41.67 1758.29 1993 January 49.00 7.33 41.67 1716.62 February 48.82 7.15 41.67 1674.95 March 48.65 6.98 41.67 1633.28 April 48.48 6.81 41.67 1591.61 May 48.30 6.63 41.67 1549.94 June 48.13 6.46 41.67 1508.27 July 47.95 6.28 41.67 1466.60 August 47.78 6.11 41.67 1424.93 September 47.61 5.94 41.67 1383.26 October 47.43 5.76 41.67 1341.59 November 47.26 5.59 41.67 1299.92 December 47.09 5.42 41.67 1258.25 1994 January 46.91 5.24 41.67 1216.58 February 46.74 5.07 41.67 1174.91 March 46.57 4.90 41.67 1133.24 April 46.39 4.72 41.67 1091.57 May 46.22 4.55 41.67 1049.90 June 46.04 4.37 41.67 1008.23 July 45.87 4.20 41.67 966.56 August 45.70 4.03 41.67 924.89 September 45.52 3.85 41.67 883.22 October 45.35 3.68 41.67 841.55 November 45.18 3.51 41.67 799.88 December 45.00 3.33 41.67 758.21 1995 January 44.83 3.16 41.67 716.54 February 44.66 2.99 41.67 674 87 March . April 44.48 2.81 41.67 633.20 May 44.31 2.64 41.67 591.53 June 44.13 2.46 41.67 549.86 July 43.96 2.29 41.67 508.19 August 43.79 2.12 41.67 466.52 September 43.61 1.94 41.67 424.85 October 43.44 1.77 41.67 383.18 November 43.27 1.60 41.67 341.51 December 43.09 1.42 41.67 299.84 1996 January 42.92 1.25 41.67 258.17 February 42.75 1.08 41.67 216.50 March 42.57 .90 41.67 174.83 April 42.40 .73 41.67 133.16 May 42.22 .55 41.67 91.49 June 42.05 .38 41.67 49.82 JuIY 41.88 .21 41.67 8.15 August 8.18 .03 8.15 0.00