HomeMy WebLinkAboutResolution # 3436RESOLUTION NO. ~4~h
A RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON
AND RONALD LONG OWNER OF PROPERTY AT 405 SOUTH 1ST
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
Ronald Long, 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 Ronald Long 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 th day of Septet~er , 1998, upon a roll call vote as follows:
AYES: Aldermen. Shores, May, Nidiffer, Meade, Sarff, Molleck, Hartford,
NAYS: None .
ABSENT: Alderman Phillips .
APP VED:
Donald E. Edwards, Mayor
ATTEST:
. ~ ~
Nancy White Crty Clerk
NOTE
Ronald E. Long, owner of property at 405 S. 1st Ave. promises to pay to the order of the
City of Canton, an Illinois Municipal Corporation, the sum of $2,500 and 00/100 dollazs
($2500), together with interest, thereon at the rate of Five Percent (5%) per annum from
the date hereof to and including ,19_
PAYMENT SCHEDULE:
(A) Payments shall be paid in sixty (60) equal monthly installments of $ 47.18 each
commencing on the th day of ,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 ,and then
continuing every month thereafter until said interest and principal is fully paid.
Unpaid interest shall be added to principal and beaz 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. Ronald Long shall have the right to
prepay any and all interest and principal at any time without penalty or additional interest.
Ronald Long 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 guazantor(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.
DATED: This day of , 19
Signatwe
NOTE
Ronald E. Long, owner of property at 40S S. 1st Ave. promises to pay to the order of the
City of Canton, an Illinois Municipal Corpor etio a of Five Percent (S%) per0/annum from
($2500), together with interest, th eon at ~ 19~
the date hereof to and including
PAYMENT SCHEDULE:
ual monthly installments of $ 47.18 each
(A) Payments shall be aid in sixty (60) and continuing every month
commencing on the ~~ day of
thereafter until the principal ~ Paid in full.
(B) Interest: Interest shall be paid on the unpaid principal balance at the rate of Five
Percent (S%) per annum with the first payment due on ~~; 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 consie ~ Ronald Longeshall ha a the right to
Canton within 7 calendar days following the du
prepay any and all interest and principal at any time without penalty or additional interest.
Ronald Long 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.
DATF,H~is~-day ° 19~
Signature
MORTGAGE AND LOAN ANALYSIS
Princi a 2, 500.00
Downtown TIF Rehabilitation Loan Annual interestrata a : a.25 5.000
Len h ofloan in ears 5
Ronald E. Long Pa ment -fods er ear 12
405 S. 1st Ave Start date ofloan 10/98
Canton, IL 61520
Monthl a ments 47.18
Number of payments 60
Payments must be received by
the of each month. Princi a 2,500.00
Total interest 330.69
Total loan cost 2,830.69
PAYMENT
NUMBER PAYMENT
DATE BEGINNING
BALANCE
INTEREST
PRINCIPAL
BALANCE ACCUMULATIVE
INTEREST
1 10/98 2,500.00 10.42 36.76 2,463.24 10.42
2 11/98 2,463.24 10.26 36.91 2,426.32 20.68
3 12/98 2,426.32 10.11 37.07 2,389.26 30.79
4 1 /99 2, 389.26 9.96 37.22 2, 352.03 40.75
5 2/99 2,352.03 9.80 37.38 2,314.65 50.55
6 3/99 2,314.65 9.64 37.53 2,277.12 60.19
7 4/99 2,277.12 9.49 37.69 2,239.43 69.68
8 5/99 2,239.43 9.33 37.85 2,201.58 79.01
9 6/99 2,201.58 9.17 38.00 2,163.58 88.18
10 7/99 2,163.58 9.01 38.16 2,125.42 97.20
11 8/99 2,125.42 8.86 38.32 2, 087.09 106.05
12 9/99 2,087.09 8.70 38.48 2,048.61 114.75
13 10/99 2,048.61 8.54 38.64 2,009.97 123.28
14 11 /99 2, 009.97 8.37 38.80 1, 971.17 131.66
15 12/99 1, 971.17 8.21 38.96 1, 932.20 139.87
16 1 /00 1, 932.20 8.05 39.13 1, 893.07 147.92
17 2/00 1, 893.07 7.89 39.29 1, 853.78 155.81
18 3/00 1, 853.78 7.72 39.45 1, 814.33 163.54
19 4/00 1, 814.33 7.56 39.62 1, 774.71 171.10
20 5/00 1,774.71 7.39 39.78 1,734.93 178.49
21 6/00 1,734.93 7.23 39.95 1,694.98 185.72
22 7/00 1,694.98 7.06 40.12 1,654.86 192.78
23 8/00 1,654.86 6.90 40.28 1,614.58 199.68
24 9/00 1,614.58 6.73 40.45 1, 574.13 206.40
25 10100 1, 574.13 6.56 40.62 1, 533.51 212.96
26 11 /00 1, 533.51 6.39 40.79 1, 492.72 219.35
27 12/00 1,492.72 6.22 40.96 1,451.76 225.57
28 1/01 1,451.76 6.05 41.13 1,410.63 231.62
29 2/01 1, 410.63 5.88 41.30 1, 369.33 237.50
30 3101 1, 369.33 5.71 41.47 1, 327.86 243.20
31 4/01 1, 327.86 5.53 41.65 1, 286.22 248.74
32 5/01 1,286.22 5.36 41.82 1,244.40 254.10
33 6/01 1, 244.40 5.18 41.99 1, 202.40 259.28
34 7/01 1, 202.40 5.01 42.17 1,160.24 264.29
35 8101 1,160.24 4.83 42.34 1,117.89 269.13
36 9/01 1,117.89 4.66 42.52 1, 075.37 273.78
37 10/01 1,075.37 4.48 42.70 1,032.68 278.26
38 11 /01 1, 032.68 4.30 42.88 989.80 282.57
39 12/01 989.80 4.12 43.05 946.75 286.69
40 1102 946.75 3.94 43.23 903.51 290.64
41 2102 903.51 3.76 43.41 860.10 294.40
42 3/02 860.10 3.58 43.59 816.50 297.98
43 4/02 816.50 3.40 43.78 772.73 301.39
44 5/02 772.73 3.22 43.96 728.77 304.61
45 6/02 728.77 3.04 44.14 684.63 307.64
46 7/02 684.63 2.85 44.33 640.30 310.50
47 8/02 640.30 2.67 44.51 595.79 313.16
48 9/02 595.79 2.48 44.70 551.10 315.65
49 10102 551.10 2.30 44.88 506.22 317.94
50 11 /02 506.22 2.11 45.07 461.15 320.05
51 12/02 461.15 1.92 45.26 415.89 321.97
52 1 /03 415.89 1.73 45.45 370.45 323.71
53 2/03 370.45 1.54 45.63 324.81 325.25
54 3/03 324.81 1.35 45.82 278.99 326.60
55 4/03 278.99 1.16 46.02 232.97 327.76
56 5/03 232.97 0.97 46.21 186.76 328.74
57 6/03 186.76 0.78 46.40 140.36 329.51
58 7/03 140.36 0.58 46.59 93.77 330.10
59 8/03 93.77 0.39 46.79 46.98 330.49
60 9/03 46.98 0.20 46.98 0.00 330.69
Canton Rehabilitation Loan Fund Application
General Information
Table I
pp cation atus:
a. Original x Date 9-1-98
b. Revised Date
c. Amended Date
Legal Applicant/Recipient:
d. Name: RONALD E. LONG
b. Address: 405 S I ST AVE .
C. City: CANTON, IL. 61520
d. Zip Code:
e. Name and Tit e o Chief Executive Of icer:
RONALD E. LONG
OWNER & OPERATOR
f. a ep one: (309) 647-4818
Amount of Re uest:
$ 2,soo.oo
ega pp scant ecipient ertifies hat:
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.
Certifying Representative: (To be signed by Chief Executive or Designee)
RONALD E. LONG ~/ ~
ype Name gnature
yped Tit a Date
This form is required for participation in the Rehabilitation Loan Fund Program.
Canton Rehabilitation Loan Fund
Program Summary
Table II
Project Tit e:
BUILDING BEAUTIFICATION
2. Complete address or location of the property:
405 S.1ST AVE
CANTON, IL. 61520
?. Pry oMi ti ze a l i st cf the exact ;ti~ork t;; b2 accorF;l i s ;ed anu i ncl ude a cost
estimate for each item:
A. 7'X5' NEW DOORWAY IN FRONT OF BUILDING (2,100.00 EST.)
B.(3)NEW WINDOW OPENING IN FRONT OF BUILDING ($800.00)
C`PATNT Pi.ATFORM .RA BOTTON TRIM AND FINISH SPRAY PAINTING EXTERIOR
BRICK WALLS. x$_3,100 EST.)
D. (3)NEW INSULATED SLIDING WINDOWS (WEST SIDE) INF FRONT OF BUILDING,
($600.00 EST.)
4. Total source of funds summary:
a. Rehabilitation Loan Fund Request $ 2,500.00
b. Private $ 2,000.00
c. Personal $ ~,_i~n.oo
Total: $ 6,600.00
Return to: City of Canton, Illinois
Department of Community Development
210 East Chestnut Street
Canton, Illinois 61520
(309) 647-1288
Canton Rehabilitation Loan Fund Application
General Information
Table I
pp scat on tatus:
a. Original x Date
b. Revised Date
c. Amended Date
9-1-98
Legal Applicant/Recipient:
a. Name: RONALD E. LONG
b. Address: 405 S 1ST AVE.
C. City: CANTON, IL. 61520
d. Zip Ccde:
e. Name and Tit e o Chief Executive Of icer:
RONALD E. LONG
NER & OPERATOR
f. a ep one: (309) 647-4818
Amount of Request:
$ 2,500.00
ega pp cant ecipient erti ies hat:
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.
Certifying Representative: (To be signed by Chief Executive or Designee)
RONALD E. LONG
ype Name ignature
N E R ~/~3 /~~
yped Tit a Date
This form is required for participation in the Rehabilitation Loan Fund Program.
Canton Rehabilitation Loan Fund
Program Summary
Table II
Project Title:
BUILDING BEAUTIFICATION
2. Complete address or location of the property:
405 S.1ST AVE
CANTON, IL. 61520
3. Pry eri ti ze ,'. 1 i st cf the enact ;ti'0,"iC to b2 accar~:1 i s ieu dnu i ncl ude a cost
estimate for each item:
A. 7'X5' NEW DOORWAY IN FRONT OF BUILDING (2,100.00 EST.)
B.(3)NEW WINDOW OPENING IN FRONT OF BUILDING ($800.00)
C PA7NT PLATFORMS RA7L•S BOTTON TRIM AND FINISH SPRAY PAINTING EXTERIOR
BRICK WALLS. (S3 100 EST.)
D. (3)NEW INSULATED SLIDING WINDOWS (WEST SIDE) INF FRONT OF BUILDING,
($600.00 EST.)
4. Total source of funds summary:
a. Rehabilitation Loan Fund Request $ 2,500.00
b. Private $ 2,000.00
c. Personal $ ~ i00.oo
Total: $ 6;600.00
Keturn to: City of Canton, Illinois
Department of Community Development
210 East Chestnut Street
Canton, Illinois 61520
(309) 647-1288
MORTGAGE AND LOAN ANALYSIS
Downtown TIF Rehabilitation Loan
eta
oo.oo
s.ooo
Ronald E. Long
405 S. 1st Ave
Canton, IL 81520
Payments u ,received by
the ~ of each month.
date ~
Monthly payments 47.18
Numberd payments 60
Pdna e 2 500.00
Total interest 330.69
Total han cost 2 830.69
PAYMENT
NUMBER PAYMENT
DATE BEGINNING
BALANCE
INTEREST
PRINCIPAL
BALANCE ACCUMULATNE
INTEREST
1 10/98 2 500.00 10.42 36.76 2,463.24 10.42
2 11/98 2,463.24 10.26 36.91 2,426.32 20.68
3 12/98 2,426.32 10.11 37.07 2 389.26 30.79
4 1/99 2,389.26 9.96 37.22 2,352.03 40.75
5 2/99 2,352.03 9.80 37.38 2 314.65 50.55
6 3/99 2,314.65 9.64 37.53 2,277.12 80.19
7 4/99 2 277.12 9.49 37.69 2,239.43 69.68
8 5/99 2 239.43 9.33 37.85 2,201.58 79.01
9 6/99 2 201.58 9.17 38.00 2,163.58 88.18
10 7/99 2,163.58 9.01 38.16 2,125.42 97.20
11 8/99 2,125.42 8.86 38.32 2,087.09 106.05
12 9/99 2 087.09 8.70 38.48 2,048.61 114.75
13 10/99 2,048.61 8.54 38.64 2,009.97 123.28
14 11/99 2 009.97 8.37 38.80 1 971.17 131.66
15 12/99 1, 971.17 8.21 38.96 1, 932.20 139.87
18 1 /00 1, 932.20 8.05 39.13 1, 893.07 147.92
17 2100 1893.07 7.89 39.29 1,853.78 155.81
18 3/00 1853.78 7.72 39.45 1814.33 163.54
19 4/00 1814.33 7.56 39.62 1774.71 171.10
20 5/00 1774.71 7.39 39.78 1734.93 178.49
21 8/00 1,734.93 7.23 39.95 1,694.98 185.72
22 7/00 1694.98 7.08 40.12 1,654.86 192.78
23 8/00 1654.86 6.90 40.28 1,614.58 199.68
24 9/00 1614.58 6.73 40.45 1574.13 206.40
25 10/00 1574.13 8.56 40.62 1533.51 212.96
26 11 /00 1 533.51 6.39 40.79 1 492.72 219.35
27 12/00 1,492.72 8.22 40.96 1,451.76 225.57
28 1/01 1451.76 8.05 41.13 1410.63 231.62
29 2/01 1,410.63 5.88 41.30 1369.33 237.50
30 3/01 1 369.33 5.71 41.47 1, 327.86 243.20
31 4/01 1327.86 5.53 41.65 1286.22 248.74
32 5/01 1286.22 5.36 41.82 1,244.40 254.10
33 8/01 1,244.40 5.18 41.99 1,202.40 259.28
34 7/01 1 202.40 5.01 42.17 1,160.24 264.29
35 8/01 1160.24 4.83 42.34 1117.89 269.13
36 9/01 1 117.89 4.66 42.52 1, 075.37 273.78
37 10/01 1075.37 4.48 42.70 1,032.68 278.26
38 11/01 1032.68 4.30 42.88 989.80 282.57
39 12/01 989.80 4.12 43.05 948,75 286.69
40 1 /02 946.75 3.94 43.23 903.51 290.64
41 2/02 903.51 3.76 43.41 860.10 294.40
42 3/02 860.10 3.58 43.59 816.50 297.98
43 4102 816.50 3.40 43.78 772.73 301.39
44 5/02 772.73 3.22 43.96 728.77 304.61
45 6/02 728.77 3.04 44.14 884.63 307.64
46 7/02 684.63 2.85 44.33 640.30 310.50
47 8/02 640.30 2.67 44.51 595.79 313.16
48 9/02 595.79 2.48 44.70 551.10 315.65
49 10/02 551.10 2.30 44.88 506.22 317.94
50 11/02 506.22 2.11 45.07 481.15 320.05
51 12/02 461.15 1.92 45.26 415.89 321.97
52 1/03 415.89 1.73 45.45 370.45 323.71
53 2103 370.45 1.54 45.63 324.81 325.25
54 3/03 324.81 1.35 45.82 278.99 326.60
55 4/03 278.99 1.16 46.02 232.97 327.76
56 5/03 232.97 0.97 46.21 186.76 328.74
57 6/03 186.78 0.78 46.40 140.36 329.51
58 7/03 140.36 0.58 46.59 93.77 330.10
59 8/03 93.77 0.39 46.79 46.98 330.49
60 9/03 46.98 0.20 48.98 0.00 330.69