HomeMy WebLinkAboutResolution #3366.`
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RESOLUTION NO. 3 36 6
RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON
AND RICK LILLIE, OWNER OF 67 EAST SIDE SQUARE
WHEREAS, 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,
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 Rick Lillie, evidenced by a NOTE 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 and Note, hereto attached as Exhibit "A", between the City
of Canton and Rick Lillie 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 18th day of March 1997, upon a roll call vote as follows:
AYES: Aldermen May, Shores, Meade, Fhilli~s, Sarf~,
Hartford, Molleck.
NAYS: None .
ABSENT: Alderman Nidiffer.
AP OVED:
Donald E. Edwards, Mayor
ATTEST:
4/
Nancy Whites, ity Clerk
Ezhibit "A"
NOTE
Rick Lillie, owner of 67 East Side Square promises to pay to the order of the City of
Canton, an Illinois Municipal Corporation, the sum of Twenty Five Hundred dollars
($2,500 ), together with interest, thereon at the rate of Five Percent (S%) per annum from
the date hereof to and including March 2002.
PAYMENT SCHEDULE:
(A) Payments shall be paid in sixty (60) equal monthly installments of $ 47.18 each
commencing on the 20th day of April 1997, 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 April 20, 1997, 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. Rick Lillie shall have the right to
prepay any and all interest and principal at any time without penalty or additional interest.
Rick Lillie 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 my 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.
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DAT This ~ day of Gz~1'~-~.. , 1997