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HomeMy WebLinkAboutResolution #3317 RESOLUTION N0. 3317 A RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON AND Mel Harris OWNER OF True value Hardware 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 Mel Harris, 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 ~ 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. r PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 16 th day of April ~~g 96~ upon a roll call vote as follows: AYES: Aldermen Molleck, Hartford, Sarff, Phillips, Meade, Shores, Maya NAYS: None. ABSENT: None. APP VED: ~, ~ -~" na war s, ayor ATTEST: s , A O~ any hit , City C erk