HomeMy WebLinkAboutResolution #3540RESOLUTION NO. 3540
A RESOLUTION APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF
CANTON AND Willard and Judy Kemper, AND DIRECTING THE MAYOR AND CITY
CLERK TO EXECUTE AND DELIVER SAID AGREEMENT ON BEHALF OF THE CITY
OF CANTON, ILLINOIS.
WHEREAS, 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 Willard and Judy Kemper, hereto attached and herein incorporated as Exhibit "A"; and
WHEREAS, the Canton City Council has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. That the loan agreement hereto attached as Exhibit "A" between the City of Canton
and Willard and Judy Kemper is hereby approved.
2. That the Mayor and City Clerk are hereby authorized and directed to execute and
deliver said agreement on behalf of the City of Canton, Illinois.
3. That this Resolution shall be in full force and in 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 17`s day of October, 2000, upon a roll call vote as follows:
AYES: Aldermen Sarff, Phillips, Nidiffer, Meade, Shores, May.
NAYS: None .
ABSENT: Aldermen r7olleck, Hartford.
APPROVED:
Donald E birds, Mayor
,f,
ATTEST: _"' ~ . - -~
Nancy Whites, ~ ty Clerk
LOAN AGREEMENT
This agreement dated October 26, 2001 is between the City of Canton, an Illinois
municipal corporation (hereinafter called "Lender"), and Willard and Judy Kemper,
(hereinafter called "Borrower"). In consideration of the mutual covenants and
agreements contained herein, Lender and Borrower agree as follows:
1. Loan Terms:
Lender agrees to loan the principal sum of ~ Fifty Thousand Dollars ($ 50,000.00),
(hereinafter referred to as "loan"), to be disbursed as hereinafter provided, bearing
interest at the rate of five percent (5.0%) per annum from the date funds aze advanced
hereunder. The term of the loan is for five (5) years from the above date.
This loan is evidenced by a promissory note of even date herewith made payable to
the City of Canton, an Illinois municipal corporation. Borrower agrees to use the loan
and its proceeds solely for activities as set forth in Lender's Revolving Loan Fund
Guidelines and in accordance with Lender's loan terms and conditions relating
thereto.
2. Repayment:
Repayment of this loan shall be made as follows:
2.1 Principal shall be paid in sixty (60) equal monthly installments of S 943.56 each
commencing on the 26~' day of November, 2001, and continuing every month
thereafter until said principal is fully paid.
2.2 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 26, 2001, and then
continuing every month thereafter until said interest and principal is fully paid.
2.3 Unpaid interest shall be added to principal and bear interest at the same rate as
noted above for said principal. Interest shall be considered unpaid if not received
by Lender within 7 calendar days following the due date.
2.4 Borrower shall pay a late charge of six percent (6.0%) of the payment due of
principal or interest if payment for any of these is not received within 7 calendaz
days following the due date. The late chazge shall be considered unpaid if not
received within 15 calendar days of the missed due date for which it was
imposed. Any unpaid late chazge shall be added to principal and beaz interest at
the same rate as noted above for said principal. Acceptance of a late chazge by
Lender shall not constitute a waiver of default.
2.5 Borrower shall have the right to prepay any and all interest and principal at any
time without penalty or additional interest.
3. Certifications:
On or before the date of the loan disbursement, the Borrower shall submit the
following documentations to Lender:
3.1 A current copy of the borrower's articles of incorporation or charter, if
corporation.
3.2 Certifications that there has been no material adverse change in Borrower's
financial condition or any condition which would adversely affect the Borrower's
ability to carry out the terms and conditions of this agreement.
3.3 If a corporation, a certified of Borrower's corporate resolution authorizing the
directing the execution and delivery by Borrower to Lender of this agreement and
all related documents.
2
4. Disbursement Procedure:
4.1 Disbursement shall take place after this loan agreement and the promissory note
(Exhibit 1) are executed, and the documentation called for in paragraph 3 above
and any other conditions precedent to disbursement of funds under this award are
fully satisfied.
4.2 In addition to any of the foregoing, loan funds will only be disbursed upon
completion of all of the following in form and substance satisfactory to the
Lender:
a. Collateral security agreement(s) specified in paragraph 8:
b. Evidence of compliance with other terms and conditions specified in
paragraph 18
4.3 Borrower shall maintain a separate ledger for funds obtained hereunder.
5. Reporting and Access Requirements:
Borrower understands that Lender is required to make annual, semi-annual, and other
periodic reports and audits to the Department of Commerce and Community Affairs
of the State of Illinois (DCCA) pursuant to Lender's agreement with DCCA.
Borrower agrees to make all of its books, accounts and other financial data available
to Lender, or, Lender's authorized agents (to include Lender's auditors) in support of
Lender's requirement to make such reports and audits. Borrower agrees at
borrower's expense, to provide Lender with certified abstracts of any such books,
accounts, or other financial data within (5) working days of Lender's written request
therefore.
6. Re-lending and Assignment:
6.1 Borrower shall not assign any right, title or interest in and to this agreement, or,
to any security pledged in repayment of this loan, or, relend any portion of the
loan funds received or to be received from Lender, without first obtaining
Lender's written consent thereto.
7. Default:
On the occurrence of any event of default as described below, Lender may declare all
of any portion of the debt and interest created hereby to be immediately due and
payable and may proceed to enforce its rights under this Loan agreement or any other
instruments securing or relating to this Loan and in accordance with the law and
regulations applicable hereto. Any of the following may, without limitation, be
regarded as an "event of default" in the sole discretion of the Lender
A. Failure, inability or unwillingness of Borrower to carry out or comply with the
specific activities in its loan application as approved by Lender, or Lender's loan
terms and conditions, or any terms or conditions of this Loan Agreement, or any
applicable federal or state laws, or with such DCCA regulations as may become
applicable at any time.
B. Failure of Borrower to pay any installment of principal or interest on its
promissory note to Lender when due as specified in paragraph 2 above.
C. The occurrence of (1) Borrower's becoming insolvent or bankrupt, or ceasing,
being unable, or admitting in writing its inability, to pay its debts as they mature, or
making a general assignment with creditors; (2) proceedings for the appointment of a
receiver, trustee or liquidator of Borrower, as of a substantial part of its assets, being
authorized or instituted by or against it; or (3) proceedings under any bankruptcy,
reorganization, readjustment of debt, insolvency, dissolution, liquidation or other
similar law of any jurisdiction being authorized or instituted by or against this
Borrower.
D. Submission or making of any report, statement, warranty, or representation by
Borrower or agent on its behalf to Lender or DCCA in connection with the financial
assistance awarded hereunder which is false, incomplete or incorrect in any material
respect.
E. Failure of Borrower to remedy any material adverse change in its financial or
other condition arising since the date of this agreement, which condition was an
inducement to this loan.
F. Any attempt by Borrower to assign any right, title or interest in and to this
areement, or, to any security pledged in repayment of this loan without first
obtaining Lender's written consent thereto.
8. Collateral:
The Borrower pledges as collateral to secure its indebtedness under this loan
agreement, together with such other security as Lender may require, not to exceed in
value One Hundred Thirty Three percent (133.0 %) of principal and interest due
under this agreement.
A. The full and complete Personal Guarantee of Willard and Judy Kemper
Per Exhibit 1 hereto attached and herein incorporated by reference.
9. Other Parties:
This loan agreement is not for the benefit of third parties. Lender shall not be under
any obligation to any such parties, whether directly or indirectly interested in the loan
agreement, to pay any charges or expenses incident to compliance by Borrower with
any of the duties or obligations imposed hereby.
10. Costs and Expenses:
Borrower agrees to reimburse Lender for costs and expenses, court costs, reasonable
attorney fees, and all other out-of-pocket expenses paid by Lender in enforcing the
terms and conditions of this agreement occasioned by Borrower's failure to comply
with such terms and conditions. Borrower hereby irrevocably consents that all such
attorney fees, costs and expenses, and out-of-pocket expenses may be included in any
judgment awarded to Lender in any proceeding at law or in equity to enforce this
agreement.
Borrower hereby irrevocably empowers any attorney at any time hereafter to appear
for Borrower in any court in term time or vacation, and confess judgment against
Borrower, each or any of us, (as applicable), including any guarantor(s) hereof,
without process of this loan agreement in favor of any legal reasonable attorney's
fees, and to waive all right of appeal, release all errors and consent to immediate
execution.
11. Retention and Creation of Jobs:
Lender and Borrower recognize and agree that the loan provided by Lender to
Borrower is in direct support of Borrower's expressed intention of purchasing real
property and improvements thereto, industrial machinery and equipment, and other
diverse property to be located within Lender's corporate limits. Both Lender and
Borrower recognize and agree that presently existing jobs are expected to be retained
hereby and new jobs created. Borrower covenants and agrees to not remove jobs
retained or created by use of this loan from Lender's corporate limits during the term
4
of the loan as expressed in Paragraph 1 even though Borrower may sooner pay all
interest and principal hereunder without first obtaining Lender's written consent.
12. Notice:
Notice shall be given to any party hereto by United States mail, certified mail, return
receipt requested, and directed to the following addresses: To Lender -City Clerk,
City Building, 210 East Chestnut Street, Canton, IL 61520. To Borrower -Willard
and Judy Kemper, 16500 East IL #9 Highway, Canton, IL 61520.
13. Successors and Assigns:
The loan agreement shall be binding upon Borrower and its successors and assigns
and upon Lender and its successors and assigns, and shall survive the closing of the
loan and disbursement of proceeds.
14. Applicable Laws:
Interpretation of the loan agreement shall be governed by the laws of the State of
Illinois.
15. Management of Borrower:
Except as provided to the contrary in this loan agreement, the Borrower shall have the
right: (1) to merge with or into any other corporation with Lender's prior written
consent, (2) to make a public offering of its stock, or, (3) to take any other corporate
action that the Borrower deems to be in its best interest.
16. Insurance:
Borrower agrees to keep the improvements now and hereafter upon the premises set
forth in Exhibit 2 insured against damage by fire, windstorm, and such other hazards
as the Lender may require to be insured against until the loan is paid in full, or, in the
case of foreclosure until expiration of the period of redemption. The aggregate
amount of such insurance shall not be less than the aggregate sum of the unpaid
principal of this loan and accrued interest and penalties thereto appertaining.
Borrower shall provide Lender with a copy of such insurance policy or policies and
shall show the Lender as mortgagee and loss payee thereon.
17. Retention of Records:
Borrower hereby agrees to retain intact all of its books, accounts, and other financial
data relating to this loan for a period of four (4) years following the end of
Borrower's fiscal year of the last entry therein and, further, agrees to make the same
available for Lender's inspection upon the same terms and conditions as set forth in
numerical paragraph 5 of this loan agreement.
18. Other Terms and Conditions:
A. No person in the United States shall on the grounds of race, color, religion, sex,
age, handicap, marital status, or national origin be denied the proceeds of, or be
subject to discrimination under the activities approved as a result of this loan.
Borrower agrees to comply with the applicable regulations promulgated by the Civil
Rights Act of 1964 and Section 623 of the Economic Opportunity Act of 1964, as
amended, 42, U. S.C., S 2971 c.
IN WITNESS WHEREOF, Lender and Borrower have executed this agreement as of
the date first above-written.
BORROWER:
Willard and Judy Kemper
By:
Date: /O ~- / 7-O
Address: 16500 E. IL #9 Highway
Canton, II, 61520
Phone: (309) 647-6344
LENDER:
City of Canton, an Illinois municipal corporation
By:
~J Don d E.- Ed-vards,, Mayor
-- . Y, , ~Z ~- 4
Date: l 1,! - !' ~ ~
Address: 210 E. Chestnut St.,
Canton, II. 61520
Phone: (309) 647-0065/1288
6
Exhibit I
PERSONAL GUARANTEE BY BORROWERS
For value received, the undersigned, Willard and Judy Kemper hereby guarantees
payment of the foregoing Note at maturity or at any time thereafter, with interest as specified
therein, waiving presentment, demand, notice, protect, and diligence in collecting, and we each
of us hereby irrevocably empower any attorney at any time thereafter to appear for us, either or
any of us, in any court in term time or in vacation, and confess judgment against us, each of any
of us, including any within maker or makers, guarantor or guarantors hereof, without process on
this Note in favor of the legal holder, for said within sum, interest, costs, and reasonable
attorney's fees, and to waive all right of appeal, to release all errors and consent to immediate
execution.
Signed ~~~~~~,,,,~..,~~ Date /C - /7- c~ j
Willard KeMp~e
Signed Date /~' ' / ~ - O
ud Kemp r
Address: 16500 East IL #90 Highway
Canton, II, 61520
(309) 647-6344
PROMISSORY NOTE
Canton, Dlinois Date (~ -/ 7- D
For good and valuable consideration, We, Willard and Judy Kemper, owners of properly located in the
Canton Industrial Pazk, promise to pay to the order of the City of Canton, an Illinois Municipal
Corporation, the sum of Fifty Thousand Dollars ($50,000.00) together with interest, thereon at the rate of
Five Percent (5%) per annum from the date hereof to and including November 26, 2001. (Date of 1"
payment).
PAYMENT SCHEDULE:
(A) Payments shall be paid in sixty (60) equal monthly installments of $943.56 each commencing on
November 26, 2001, 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 November 26, 2001, 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 calendaz
days following the due date. Borrower shall have the right to prepay any and all interest and principal at
any time without penalty or additional interest.
Willard and Judy Kemper hereby irrevocably empowers any attorney at any time hereafter to
appear for her in any court in term time or vacation, and confess judgment against her including any
guarantor 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 ~aay of October, 2001
Signature
~~
Address:
Willard and Judy Kemper
16500 East IL #9 Highway
Canton, II, 61520
MORTGAGE AND LOAN ANALYSIS
Canton Community Development Office Princi a 50,000.00
210 East Chestnut Street Annual interest rate a :8.25 5.000
Canton, IL 61520 Len ofloan in ears 5
(309) 647-1288 ext. 5 Pa ment nods rear 12
Start date ofloan 11/01
Monthly payments 943.56
Payments are due the 26th of each month. Number of payments 60
1st Payment is Due November 26, 2001
Princi a 50,000.00
Total interest 6,613.70
Totalloan cost 56,613.70
PAYMENT
NUMBER PAYMENT
DATE BEGINNING
BALANCE
INTEREST
PRINCIPAL
BALANCE ACCUMULATNE
INTEREST
1 11/01 50,000.00 208.33 735.23 49,264.77 208.33
2 12/01 49,264.77 205.27 738.29 48,526.48 413.60
3 1/02 48,526.48 202.19 741.37 47,785.11 615.80
4 2/02 47,785.11 199.10 744.46 47,040.65 814.90
5 3/02 47,040.65 196.00 747.56 46,293.10 1,010.90
6 4/02 46,293.10 192.89 750.67 45,542.42 1,203.79
7 5/02 45, 542.42 189.76 753.80 44, 788.62 1, 393.55
8 6/02 44,788.62 186.62 756.94 44,031.68 1,580.17
9 7/02 44,031.68 183.47 760.10 43,271.58 1,763.64
10 8/02 43,271.58 180.30 763.26 42,508.32 1,943.94
11 9/02 42, 508.32 177.12 766.44 41, 741.87 2,121.05
12 10/02 41741.87 173.92 769.64 40,972.24 2,294.98
13 11/02 40,972.24 170.72 772.84 40,199.39 2,465.70
14 12!02 40,199.39 167.50 776.06 39,423.33 2,633.19
15 1/03 39,423.33 164.26 779.30 38,644.03 2,797.46
16 2/03 38,644.03 161.02 782.54 37,861.49 2,958.47
17 3/03 37,861.49 157.76 785.81 37,075.68 3,116.23
18 4/03 37,075.68 154.48 789.08 36,286.60 3,270.71
19 5/03 36,286.60 151.19 792.37 35,494.23 3,421.91
20 6/03 35,494.23 147.89 795.67 34,698.56 3,569.80
21 7/03 34,698.56 144.58 798.98 33,899.58 3,714.38
22 8/03 33,899.58 141.25 802.31 33,097.27 3,855.62
23 9/03 33,097.27 137.91 805.66 32,291.61 3,993.53
24 10/03 32,291.61 134.55 809.01 31,482.60 4,128.08
25 11/03 31,482.60 131.18 812.38 30,670.21 4,259.26
26 12/03 30,670.21 127.79 815.77 29,854.44 4,387.05
27 1/04 29,854.44 124.39 819.17 29,035.28 4,511.44
28 2/04 29,035.28 120.98 822.58 28,212.69 4,632.42
29 3/04 28, 212.69 117.55 826.01 27, 386.69 4, 749.97
30 4/04 27, 386.69 114.11 829.45 26, 557.24 4, 864.09
31 5/04 26,557.24 110.66 832.91 25,724.33 4,974.74
32 6/04 25,724.33 107.18 836.38 24,887.95 5,081.93
33 7/04 24,887.95 103.70 839.86 24,048.09 5,185.63
34 8/04 24,048.09 100.20 843.36 23,204.73 5,285.83
35 9/04 23,204.73 96.69 846.88 22,357.85 5,382.51
36 10/04 22, 357.85 93.16 850.40 21, 507.45 5,475.67
37 11/04 21,507.45 89.61 853.95 20,653.50 5,565.28
38 12/04 20,653.50 86.06 857.51 19,796.00 5,651.34
39 1/OS 19,796.00 82.48 861.08 18,934.92 5,733.82
40 2/05 18,934.92 78.90 864.67 18,070.25 5,812.72
41 3/05 18,070.25 75.29 868.27 17,201.98 5,888.01
42 4/05 17,201.98 71.67 871.89 16,330.10 5,959.69
43 5105 16,330.10 68.04 875.52 15,454.58 6,027.73
44 6/OS 15,454.58 64.39 879.17 14,575.41 6,092.12
45 7/05 14,575.41 60.73 882.83 13,692.58 6,152.85
46 8/05 13,692.58 57.05 886.51 12,806.07 6,209.91
47 9/05 12,806.07 53.36 890.20 11,915.87 6,263.26
48 10/05 11, 915.87 49.65 893.91 11, 021.95 6, 312.91
49 11/05 11,021.95 45.92 897.64 10,124.32 6,358.84
50 12/05 10,124.32 42.18 901.38 9,222.94 6,401.02
51 1/06 9,222.94 38.43 905.13 8,317.81 6,439.45
52 2/06 8,317.81 34.66 908.90 7,408.90 6,474.11
53 3/06 7,408.90 30.87 912.69 6,496.21 6,504.98
54 4/06 6,496.21 27.07 916.49 5,579.72 6,532.05
55 5/06 5,579.72 23.25 920.31 4,659.40 6,555.30
56 6l06 4,659.40 19.41 924.15 3, 735.26 6, 574.71
57 7/06 3,735.26 15.56 928.00 2,807.26 6,590.27
58 8/06 2,807.26 11.70 931.86 1,875.39 6,601.97
59 9106 1,875.39 7.81 935.75 939.65 6,609.79
60 10/06 939.65 3.92 939.65 0.00 6,613.70
General Information
Table • I
Application Status:
a• - Date
b Revised Date ~ n f a/ O 1
c- Date
Legal Applicant/Recipient:
a. Name : W i l l a r ci & ~l ~- rl y K P n r
b. Address: 16500 East IL #9 Highway
c. City/Village: C a n t o n, I L
d. Zip Code: 61520
e. Name and Title of Chief Executive Officer:
Willard E. Kemper
Owner/President
f. Telephone: 309 ~ 647.6344
Amount of Request:
S_ 50,000.00
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
caill comply with teh attached assurances if the assistance is approved.
Certifying Representative: (To be signed by Chief Executive Officer or Designee)
Wi 1 1 and K m[~er
Typed Name
__ Owner/Pr cid n
T`yr-red Title
Signature /O _ /~_Q /
Date
This form is required for participation in the Economic Development Loan Fund Program.
Canton Economic Development Loan Fund Application
*The change in this revision is the amount of the original project from
$600,000 to $200,000. New jobs change from 10 to 5. These changes are
still within all of the guidelines of this loan programo L.C.
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TabT~ III
1. Uses of Funds/Project Costs: (Itemize all cost elements needed to bring this pro
project to operational status.) poste
a. Total Cost b. IDLE Portion c. Non-IDLE
a. Land acquisition $
(refer to Exhibit D) $
$
b. Building purchase (Exhibit D) $
c .
d.
e
New Construction (Exhibit G)
Rehabilitation (Exhibit G)
Si
$2 n n ~ n n n
$ $
$_5 0 ~ 0 0 0 _
$
$ ~
$_~Q,,, 000
. te preparation (Exhibit G) $ $
f. Off-site improvements (E}chibit G) $ $ $
g. Leasehold i~rovements (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 $ ~
g 0
9 9 0 $ $
.
-r 5 00.0 0
2a. Provide the total amount of non-IDLE dollars being contributed to this
project (column c above) :
$ 15 0.0 0 0
b. Provide the total amount of IDLE dollars requested for this project
(column b above) $ 5 0, 0 0 0
c. Provide the leverage ratio by dividing the
(li
2 total amount of non-IDLE dollars
ne
a above) by the total amount of IDLE
2b above). dollars being requested (line
Non-IDLE
IDLE Dollars = $ t h r e e/ one IDLE dollar
,Table III
(continued)
Section D. Sources of Financing And Repayment
(a) (b) (c) (d)
Source Amount Term Interest
a. Equity
Participants $
b. Loan Mi d Ameri cn_ Nat' 1 Bank $ 150.000
name of lender
under review committed
(refer to Exhibit G)
c. Loan $
name of lender
d. IDLF Request
(minus eligible administrative
costs and audit) $ 5 0, 0 0 0 5 _y r s. 5
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 $ 2 0 0, 0 0 0
(e)
Annual
Debt Service
$
$
c
$
Working capitol will come from existing business. A line of credit
of $160,000 is available from Mid America National Bank, Canton.
RELEASE OF AGREEMENT
City of Canton, Illinois
Whereas the City of Canton, Illinois entered into negotiations with Willard and Judy
Kemper for the sale of 5.155 acres in the City's Enterprise Industrial District, the
following described real estate to-wit:
Lot Number Twenty One (21) of the Enterprise Industrial District pursuant to the
Subdivision Plat thereof filed in the Fulton County (Illinois) Recorder's Office on
October 26, 1984, as Instrument Number 84-8960, containing 5.155 acres, more or less,
subject to all present and future easements of record and, further, subject to all restrictive
covenants, if any, and/or land use controls which Seller, or, Seller's successors and
assigns have placed on or may place on said lot, all of the foregoing real property being
situated in the City of Canton, County of Fulton and State of Illinois.
And whereas the City Council of the City of Canton, Illinois reviewed the terms of the
proposed agreement; and,
Whereas Resolution No. 3539 approving said agreement was passed and signed by The
Mayor and City Clerk of Canton, Illinois on October 17, 2000; and,
Whereas said agreement states "The Buyer agrees to construct the proposed building
expansion within eighteen months of this agreement. If Buyer fails to complete the
expansion project within the said eighteen months, this agreement is null and void and
above described real estate herein will be re-conveyed to the City of Canton." and;
Whereas Willard and Judy Kemper plan to construct three buildings on their existing lots
instead of one larger building, and do not need the above described real estate, and
release the City of Canton from this ageement and declare said agreement null and void.
r~ ~i
Signed this ~ / day of October 2001.
L --QC
Willard Kemper
9
~Ju ~e per
Jerr~M. Kohler, Mayor
City f Canton, Illinois
210 E. Chestnut
Canton, IL, .61520