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HomeMy WebLinkAboutResolution #3147 ~SOLIJT I aIV W0. 3147 A RESflft.UT I pd APPRON I NG A LQAN BE7VIEF]V TI-E CITY OF CANTQV APD MEL HARRIS. W-EREAS, 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, VI!-IFJ~EAS, the Community and I ndus t r i a l Development 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, chief executive of Harris Enterprises, evidenced by a NOTE thereof attached and herein incorporated as Exhibit "A"; and, IAFfREAS, the Canton City Council has made a similar determination. NaN, TFEREFq~E, BE 1 T RE90LVED BY T1-E CITY OOINC 1 L OF TFf CITY of C1~NTaV, Fulton County, Illinois as follows: 1. That the loan and the NOTE, hereto attached as Exhibit "A", between the City of Canton and Met Harris 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 20th day of October 1992, upon a roll call vote as follows: AYES: Aldern~en Molleck, Coay~, Sazf~, Steck, Bohlen, Meade, QzapmanA May, NAYS: None.. ABSENT: Nane. AP ~' ~~ 2 onald E. Edwards, Mayor ATTEST: Nancy White ~ City Clerk Mel Harris, chief executive of Harris Enterprises, 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 October 23, 1997. PAYf1NElvf 9Q-F~II~E (a) PRINCIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each commencing on the 23rd day of November 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 November 23, 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. Mel Harris 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, Mel Harris 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. QATED: This 23rd day of October 1992. HARRIS ENTERPRISES BY: Mel Harris Chief Executive /" ~ x t Mel Harris, chief executive of Harris Enterprises, 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 (596) per annum from the date hereof to and including October 23, 1997. PAYNENif~ 9q-mIJLE: (a) PRINCIPAL: Principal shall be paid in sixty (60) equal monthly installments of $41.67 each commencing on the 23rd day of November 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 (596) per annum with the first payment due on November 23, 1992 and then continuing every month thereafter until said interest and principal is fully paid. :~, z 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. Mel Harris 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, Mel Harris 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 irm~ediate execution. DATED: This 23rd day of October 1992. HARRIS ENTERPRISES BY : j%~~, Mel` Harr i s Chief Executive--- :;