HomeMy WebLinkAboutResolution #1120RESOLUTION NO . 112 0
A RESOLUTION ESTABLISHING POLICY GUIDELINES FOR THE SECURING OF IRAN FUNDS
TO BE DISBURSED BY THE CITY OF CAN'T'ON FROM THE ILLINOIS DEPARTMENT OF COMMERCE
AND COMMUNITY AFFAIRS (DCCA).
WHEREAS, the City of Canton has been made the recipient of several Community
Development Assistance Program grants from DCCA; and,
WHEREAS, the City of Canton has now been directed by DCCA to establish
relending policy guidelines with respect to the security interest to be pledged
to the City of Canton to guarantee repayment of any such loans.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
Fulton County, Illinois as follows:
1. That the Canton City Council hereby determines and establishes the
following policy guidelines with respect to the security to be pledged to the
City of Canton by its borrowers with respect to all monies to be reloaned by the
City of Cainton from its recovered CDAP grant funds:
a. That no loan shall be made which has pledged in its repayment a good and
sufficient first security interest in real property and/or personal property
(to include choses in action and any combination of the foregoing) which totals
less than the aggregate principal amount due the City of Canton by its borrower.
b. That if other than a good and sufficient first security interest in said
aggregate principal amount is to be pledged, a combination of any number of first
security interests and inferior interests acceptable to the City of Canton in an
amount not less than 1338 of the aggregate principal amount due the City of Canton
may be pledged if such pledge:
(1) In the case of a corporate borrower, contains the pledge of a first
security interest in all corporate stock outstanding at the time the loan is made
and of all corporate stock which may be outstanding at all times during the term
of the loan, or, until full payment is made; or,
(2) In the case of a loan to an individual, a partnership, association,
or other similar entity, contains the individual personal guarantee of the borrower,
to include the personal guarantees, as applicable, of all partners, members of the
association, and other parties in interest, in an aggregate amount not less than
the total principal amount due the City of Canton.
2. That this Resolution shall be in full f orce and effect immediately upon
its passage by the City Council of the City of Canton, Fulton County, Illinois and
approval by the Mayor thereof.
PASSID by the City Council of the City of Canton, Fulton County, Illinois at
a regular meeting this ~ day of November, 1985, upon a roll call vote as
follows:
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___. City Att. Date
AYES: Aldermen Chapman, May, Bohler, Workman, Sarff, Falcone,
Zilly, Kovachevich,
NAYSc None .
p,BSENT: None ,
APPRfJVED
Donald E. Edwards, Mayor.
ATTEST:
Nan ite ,City Clerk ~
b7onitoring Requirements for IDLF
Business Plan and Information
Project Site Map (property boundaries and existing building dimensions)
Evidence of Site Control (deed, sales contract, option)
Public acid Private Financing Committments
Cost Certification
Financial Statements
Income and Expense Pro Forma
Proposed method of documenting compliance with the requirement
that a majority of the permanent jobs created go to low-income
rural residents.
.~
All elements of this list. must be completed before the loan will be brought
before the Loan Committee or the City Council.
Canton Economic Development Loan Fund Application
General Information
Table I
Application Status:
a. Original Date
b. Revised Date
c. Amended Date
Legal Applicant/Recipient:
a. Name:
b. Address:
c. City/Village:
d. Zip Code r
e. Name and Title of Chief Executive Officer:
f. Telephone:
Amount of Request:
S
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 teh attached assurances if the assistance is approved.
Certifying Representative: (To be signed by Chief Executive Officer or Designee)
Typed Name
Typed Title
Signature Date
This form is required for participation in the Economic Development Loan Fund Program.
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Table III
1. Uses of Funds/Project Costs: (Itemize all cost elements needed to bring this proposed
project to operational status.)
a. Total Cost b. IDLE Portion c. Non-IDLE
a. Land acquisition $ $ $
(refer to Exhibit D)
b. Building purchase (Exhibit D) $ $ $
c. New Construction (Exhibit G) $ $ $
d. Rehabilitation (Exhibit G) $ $ $
e. Site preparation (Exhibit G) $ $ $
f. Off-site improvements (r~hibit G) $ $ $
g. Leasehold improvements (Exhibit G) $ $ - $
h. Machinery and capital equipment, $ $ $
i.e., life of 5 years or more.
(Exhibit G)
i. Interim costs, i.e., construction $ $ $
interest, organizational costs, relo-
cation of businesses or persons, moving
costs, overhead, profit, etc.
(Exhibit G)
j. Professional fees (Exhibit G) $ $ $
k. Working Capital $ $ $
1. Inventory $ $ $
m. Non-capital equipment, i.e., $ $ $
life of less than 5 years.
n. Local administrative costs ~ $ $ $
o. Audit $ $ $
p. Total Project Costs $ $ $
2a. Provide the total amount of non-EDLF dollars being contributed to this
project (column c above):
b. Provide the total amount of EDLF dollars requested for this project
(column b above)
c. Provide the leverage ratio by dividing the total amount of non-IDLE dollars
(line 2a above) by the total amount of IDLF dollars being requested (line
2b above).
Non-IDLE
IDLE Dollars
/ one IDLE dollar
c
c
Table III, (continued)
Section D. Sources of Financing And Repayment
(a) (b) (c) (d) (e)
Annual
Source Amount Term Interest Debt Service
a. Equity
Participants $ $
b. Loan $ $
name of lender
under review conunitted
(refer to Exhibit G)
c. Loan $ $
name of lender
d. IDLF Request
(minus eligible administrative
costs and audit) $ $
e. Other $ $
Subtotal $ $
f. Working capital $ $
source
(equals line 1.1 of Sec. C)
g. Inventory $ $
source
(equals line 1L. of Sec. C)
h. Non~apital ~
Equipment $ $
source
(equals line 1 n of Sec. C)
Total Project Costs $ $