Loading...
HomeMy WebLinkAboutResolution #3139.. r ~~.~' 1 ~ ~. 3139.. A RE90U1T 1 pV APPFmV I I~ A LCIAN 13ElVIEEN Ti-E CITY aF CAIVT~V BPD F7J8ERT F. NAYLaR. W-EFiEAS, 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 Community and Industrial Development has determined that it is necessary and in the best interest of the City of Canton to enter into a loan agreement with Robert F. Naylor, owner of Naylor's Retail Store, evidenced by a NOTE thereof attached and herein incorporated as Exhibit "A"; and, W-QiF~S, the Canton City Council has made a similar determination. NUW, 11Ff3iEFq~E, BE I T RE90L.VED BY ll-E C 1 TY QOINC I L aF Ttf CITY OF G41Vf~V, Fulton County, Illinois as follows: 1. That the loan and the NOTE, hereto attached as Exhibit "A", between the City of Canton and Robert F. Naylor 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. PASSF~ by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 15th day of September 1992, upon a roll call vote as follows: AYES: Aldermen Nfolleck, Coat', Sarff, Steck, Bohlen, Meade, t~a~xnan~ Molleck. NAYS : Nm~e . None. AP Donald E. Edwards, Mayor ATTEST: ~~~~t! ~~ Nancy White City Cterk Robert F. Naylor, owner of Naylor's Retail Store, promises to pay to the order of the CITY OF CANTON, an Illinois municipal corporation, the sum of Two Thousand Five Hundred and 00/100 Dollars ($2,500.00), together with interest, thereon at the rate of Five Percent (5%) per annum from the date hereof to and including September 18, 1997. PAYNE1Yf 9Q-F~IJ<.E (a) PRINCIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each commencing on the 18th day of October, 1992, 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 October 18, 1992 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. Robert F. Naylor 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, Robert F. Naylor 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. GATED: This 18th day of September, 1992. Robert F. Naylor Own e r s~ Robert F. Naylor, owner of Naylor's Retail Store, promises to pay to the order of the CITY OF CAf~fl"CN, an Illinois municipal corporation, the sum of Two Thousand Five Hundred and 00/100 Dollars ($2,500.00), together with interest, thereon at the rate of Five Percent (5%) per annum from the date hereof to and including September 18, 1997. PAYMENT 9Ci-EDU_E (a) PRINCIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each commencing on the 18th day of October, 1992, 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°'0) per annum with the first payment due on October 18, 1992 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. Robert F. Naylor 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, Robert F. Naylor 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. LIATED: This 18th day of September, 1992. ~-~~'ll~ Robert F Naylor Owner Robert Naylor Rehab Loan Fund Payment Schedule $2,500.00 @ 5% interest for 5 years. Due Date Total Due Interest Principal Balance 1992 2500.00 October 52.09 10.42 41.67 2458.33 November 51.91 10.24 41.67 2416.66 December 51.74 10.07 41.67 2374.99 1993 January 51.57 9.90 41.67 2333.32 February 51.39 9.72 41.67 2291.65 March 51.22 9.55 41.67 2249.98 April 51.04 9.37 41.67 2208.31 May 50.87 9.20 41.67 2166.64 June 50.70 9.03 41.67 2124.97 July 50.52 8.85 41.67 2083.30 August 50.35 8.68 41.67 2041.63 September 50.18 8.51 41.67 1999.96 October 50.00 8.33 41.67 1958.29 November 49.83 8.16 41.67 1916.62 December 49.66 7.99 41.67 1874.95 1994 January 49.48 7.81 41.67 1833.28 February 49.31 7.64 41.67 1791.61 March 49.14 7.47 41.67 1749.94 April 48.96 7.29 41.67 1708.27 May 48.79 7.12 41.67 1666.60 June 48.61 6.94 41.67 1624.93 July 48.44 6.77 41.67 1583.26 August 48.27 6.60 41.67 1541.59 September 48.09 6.42 41.67 1499.92 October 47.92 6.25 41.67 1458.25 November 47.75 6.08 41.67 1416.58 December 47.57 5.90 41.67 1374.91 1995 January 47.40 5.73 41.67 1333.24 February 47.23 5.56 41.67 1291.57 March 47.05 5.38 41.67 1249.90 April 46.88 5.21 41.67 1208.23 May 46.70 5.03 41.67 1166.56 June 46.53 4.86 41.67 1124.89 July 46.36 4.69 41.67 1083.22 August 46.18 4.51 41.67 1041.55 September 46.01 4.34 41.67 999.88 October 45.84 4.17 41.67 958.21 November 45.66 3.99 41.67 916.54 December 45.49 3.82 41.67 874.87 1996 January 45.32 3.65 41.67 833.20 February 45.14 3.47 41.67 791.53 March 44.97 3.30 41.67 749.86 April 44.79 3.12 41.67 708.19 May 44.62 2.95 41.67 666.52 June 44.45 2.78 41.67 624.85 July 44.27 2.60 41.67 583.18 August 44.10 2.43 41.67 541.51 September 43.93 2.26 41.67 499.84 October 43.75 2.08 41.67 458.17 November 43.58 1.91 41.67 416.50 December 43.41 1.74 41.67 374.83 1997 January 43.23 1.56 41.67 333.16 February 43.06 1.39 41.67 291.49 March 42.88 1.21 41.67 249.82 April 42.71 1.04 41.67 208.15 May 42.54 .87 41.67 166.48 June 42.36 .69 41.67 124.81 July 42.19 .52 41.67 83.14 August 42.02 .35 41.67 41.47 September 41.64 .17 41.47 0.00 partmento, mmunity evelopment CITY of C~INTON 210 Eo><t Chestnut Sf r~~t Canton, 111 inoi• 61520 309 647- 1288 TO: Mayor Edwards and members of the Clerical Committee FRCt~A: Chr i s Spears, Director ~~ RE: Rehabilitation Loan Fund Application - Naylor's Retail Store DOTE: September 4, 1992 Attached you will find a Rehabilitation Loan Fund R.pplication completed by Bob Naylor who plans to open a new business in Canton at 26 & 24 t/2 South Main Street. It will be a family owned and operated business known as Naylor's Retail Store. The business will consist of a VCR repair center and a locksmith shop. Furthermore, Mr. Naylor intends to open a wholesale ice business in the back of ~ the building. The request is in the arrount of $2500.00 and will I<~e matched i~ with an additional $2700.00. It should be noted that the city requires that the requested amount be matched with 5096 of the amount requested which would only be $1250.00. The loan will be used to help pay for the following: replace and repair the roof, repair bricks on the front of the building; repair windows facing South Main Street, installing a new front door on 24 1/2 S. Main ark constructing an awning over the entrance at 26 S. Main. J This application meets all of the requirements to be eligi for this loan and therefore I am asking that you recorrme!±d thi3 be approved by the city council. If you have any queS pertaining to this request, please do not hesitate to contact ~ i cc: Pat Wright Canton Rehabilitation Loan Fund Application General Information Table I anon Status: a, vr~ginal x Date o. Revised Date c. Amended Date 9-4-92 Lega l Amp l i can t/ Rec i p i en t a . ~~ ; ROBERT NAYLOR b . Address : ~ ~~ T MDCn~, r~ c. C i t y: ~,,,~r~~ d. Zip Code: e. Name and Tit a of Chief Executive Officer: ROBERT F. NAYLOR OWNER f , e I ephone : ~~~,~ Amount of Request: ~ 2500.00 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 will comply with the attached guidelines which are outlined in the Rehabilitation Loan Fund Recapture Statement, if the assistance is approved. ~,ertifying Representative: (To be signed by Chief Executive or Designee) ROBERT F. NAYLOR Typed Name Signature OWNER Typed Title 9-4-92 Date .his form is required for participation ~n the Rehabilitation Loan Fund Program. ~~ Canton Rehabilitation Loan Fund ,e ~ Program Sunmary Tab I e I I NAYLOR' 4 RF.TATT, STnRF - ~1, Protect Title: NAYLOR'S RETAIL STORE 2. Complete address or location of the property: 26 and 24 1/2 S. MAIN ST. CANTON, IL. 61520 3. Prioritize a list of the exact work to be accomplished and include a cost estimate for each item: REPLACE AND REPAIR ROOF ~~Rn nn REPAIR BRICKS ON FRONT OF BUILDING 409.49 REPAIR WINDOWS FACING SOrrru Meru cTO~FT _ l~ldA.~~ PUT NEW FRONTAGE DOOR nN ?4 i/2 S_ MATnT T 3'+A~AA PUT AN AWNING STRUCTURE- n«u Frrru enrrF ~ ~, S MA'i N cT __ 4. Total source of funds summary: a. Rehabilitation Loan Fund Request $ ~r~~n.nn b. Private S na c. Personal S 2700.00 Total: S 5200.00 Return to: City of Canton, Illinois Department of Cormtunity Development 210 East Chestnut Street Canton, Illinois 61520 (309) 647-1288