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Home My WebLink AboutResolution #3140~~~- I ~ ~. 3140 A RESOLI,If 1 aV AiPPFmV I N1G A LOAN BElV4EOV THE CITY OF CANTaV AND MARTHA HI,FF. W-EFiFJ4S, the Canton City Council has approved the concept and guidelines to loan funds to businesses from the Tax Increment Financing (TIF) districts for building i~rovements in the respective districts; and, W-F~S, the Com-nunity 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 Martha Huff, owner of Drapery Designs & Interiors, evidenced by a NOTE thereof attached and herein incorporated as Exhibit "A"; and, W-EREAS, the Canton City Council has made a similar determination. NK7W, TI-EREF~iE , BE I T RE90LVED BY THE C I TY OaNC 1 L OF THE CITY of CANTQV, Fulton County, Illinois as follows: 1. That the loan and the NOTE, hereto attached as Exhibit "A", between the City of Canton and Martha Huff 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 15th day of September, 1992, upon a roll call vote as follows: AYES: Aldermen May, Chapman, Meade, Bohler, Steck, Sarff, Coay, Molleck. ~-~ : None , ABSENT: None, APPf~NED: onald E. Edwards, Mayor ATTEST: ~ Q,~vt,C,c~ ~.~~~eaJ Nancy Whites, City Clerk Martha Huff, owner of Drapery Designs & to pay to the order of the CITY OF CANTON, corporation, the sum of One Thousand Eight Dollars ($1,800.00), together with interest, of Five Percent (5%) per annum from the including May 18, 1996. Interiors, promises ~n Illinois municipal Hundred and 00/100 thereon at the rate date hereof to and PAYIuF]vT 9q-mU_E (a) PRINCIPAL: Principal shall be paid in forty-four (44) 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. Martha Huff shall have the right to prepay any and all interest and principal at any timie without penalty or additional interest. To secure the payment of this Note, Martha Huff 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. DsATED: This 18th day of September, 1992. Martha Huff Owner Martha Huff, owner of Drapery Designs & to pay to the order of the CITY OF CANTON, corporation, the sum of One Thousand Eight Dollars ($1,800.00), together with interest, of Five Percent (5%) per annum from the including May 18, 1996. Interiors, promises ~n Illinois municipal Hundred and 00/100 thereon at the rate date hereof to and PAYMENT 9C1-EDIJL,E (a) PRINCIPAL: Principal shall be paid in forty-four (44) 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. Martha Huff 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, Martha Huff 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. [SATED: This 18th day of September, 1992. ~~- ~~~ Martha Huff Owner Martha Huff Rehab Loan Fund Payment Schedule $2,500.00 @ 5% interest for 5 years. Due Date Total Due Interest Principal Balance 1992 1800.00 October 49.17 7.50 41.67 1758.33 November 49.00 7.33 41.67 1716.66 December 48.82 7.15 41.67 1674.99 1993 January 48.65 6.98 41.67 1633.32 February 48.48 6.81 41.67 1591.65 March 48.30 6.63 41.67 1549.98 April 48.13 6.46 41.67 1508.31 May 47.95 6.28 41.67 1466.64 June 47.78 6.11 41.67 1424.97 July 47.61 5.94 41.67 1383.30 August 47.43 5.76 41.67 1341.63 September 47.26 5.59 41.67 1299.96 October 47.09 5.42 41.67 1258.29 November 46.91 5.24 41.67 1216.62 December 46.74 5.07 41.67 1174.95 1994 January 46.57 4.90 41.67 1133.28 February 46.39 4.72 41.67 1091.61 March 46.22 4.55 41.67 1049.94 April 46.04 4.37 41.67 1008.27 May 45.87 4.20 41.67 966.60 June 45.70 4.03 41.67 924.93 July 45.52 3.85 41.67 883.26 August 45.35 3.68 41.67 841.59 September 45.18 3.51 41.67 799.92 October 45.00 3.33 41.67 758.25 November 44.83 3.16 41.67 716.58 December 44.66 2.99 41.67 674.91 1995 January 44.48 2.81 41.67 633.24 February 44.31 2.64 41.67 591.57 March 44.13 2.46 41.67 549.90 April 43.96 2.29 41.67 508.23 May 43.79 2.12 41.67 466.56 June 43.61 1.94 41.67 424.89 July 43.44 1.77 41.67 383.22 August 43.27 1.60 41.67 341.55 September 43.09 1.42 41.67 299.88 October 42.92 1.25 41.67 258.21 November 42.75 1.08 41.67 216.54 December 42.57 .90 41.67 174.87 1996 January 42.40 .73 41.67 133.20 February 42.23 .56 41.67 91.53 March 42.05 .38 41.67 49.86 April 41.88 .21 41.67 8.19 May 8.22 .03 8.19 0 epartment,+ mmunity evelopment CITY of CANTON 210 East Chatnut Strsst Canton, II l Inoi: 61320 309 64T- 1288 TO: Mayor Edwards and members of the Clerical Committee FROM: Chris Spears, Director ~~ RE: Rehabilitation Loan Fund Application - Drapery Designs 8 Interiors DOTE: September 1, 1992 Attached you will find a Rehabilitation Loan Fund Application completed by Martha Huff the owner of Drapery Designs 8 Interiors. The request is in the amount of $1800.00 and will be matched with an additional $900.00. The loan would be used to pay for 3 signs. Ane will be installed on the front of the building and it will consist of 12" letters spelling out "Drapery Designs 8 Interiors". A small aluminum sign will be placed on the west side of the building which wilt also have the name of the business. Furthermore, the existing sign which was left over from Taraboletti Pharmacy which stated "Drugs" will be changed to "Gifts". This application meets all of the requirements to be eligible for this loan and therefore I am asking that you recommend that it be approved by the city council. If you have any questions pertaining to this matter please do not hesitate to contact me. .~ / ~•. ~ ~ Canton Rehabilitation Loan Fund Application General Information Table I Application Status: a. Original Date b. Revised Date c. Amended Date ~(- ~-- `. Legal Applicant/Recipient: a. Name: ~ra~ery ~e:;_~ns ~~ Lrterors b. Address: ~G ~. sic: .~~. c. City: canton, T!. l~ - - d. Zip Code: oi7ZG e. Name and Title of Chief Executive Officer: :•:art~,a 3uffj .-:tuner f . e 1 ep tmne : i74 ~- Amount of Request: $ 13G~.OG 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 v,-ill comply with the attached guidelines which are outlined in the Rehabilitation Loan Fund Recapture Statement, if the assistance is approved. Certifying Representative: (To be signed by Chief Executive or Designee) :~;artna ~~uf f' Typed Name ;;wr.er Typed Title ~~ ~ Signature ~ /,/J/ 7-9-yZ Date This form is required for participation in the Rehabilitation Loan Fund Program.