HomeMy WebLinkAboutResolution #3442RESOLUTION NO. ~~~
A RESOLUTION APPROVING A LOAN BETWEEN THE CITY OF CANTON
AND VICKEY PULEO, OWNER OF GEPPETTO'S RESTAURANT AT 47 5.
MAIN
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 Canton City Countil 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 Vickey Puleo 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, 1998, upon a roll call vote as follows:
AYES: Alderme~l Hartford, Fizillips , Sarff, Meade, Nid.iffer, May,
Shores,
NAYS: None
ABSENT: Alderman Molleck ,
APP QVED:
Donald E. Edwards, Mayor
ATTEST:
~~
ancy Whit ,City Clerk
NOTE
Vickie Puleo, owner of Geppetto's Restaurant promises to pay to the order of the City of
Canton, an Illinois Municipal Corporation, the sum of Twenty-Five Hundred and 00/100
dollars ($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 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. Vickie Puleo shall have the right to
prepay any and all interest and principal at any time without penalty or additional interest.
Vickie Puleo 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.
DATED: This day of , 1998
Signature
RELEASE OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS, that the City of Canton, an Illinois
Municipal Corporation, for and in consideration of one dollar and other good and valuable
considerations, the receipt of which is hereby acknowledged, does hereby Remise, Convey,
Release, and Quit-Claim unto LaRoma Pizza, Inc. of the County of Fulton and State of
Illinois all the right, title, interest, claim or demand whatsoever it may have acquired in,
through or by a certain mortgage bearing date of 27th day of June, A.D. 1991, and recorded
in the Recorder's Office of Fulton County, Illinois in Volume Number 1149, Page 104,
Document Number 91-42264, and recorded in the Recorder's Office of Fulton County to the
premises therein described, situated in the City of Canton, County of Fulton and State of
Illinois.
IN TESTIMONY WHEREOF, the City of Canton has hereunto caused its
corporate seal to be affixed, and these presents to be signed by it's Mayor and attested by it's
City Clerk this~day of October, A.D. 1998.
CITY OF TON, an Illinois Municipal Corporation
BY:
Donald E. E wards, Mayor
ATTEST:
,-
~ ,Nancy Whites, Canton City Clerk
(Corporate Seal)
STATE OF ILLINOIS
COUNTY OF FULTON
SS.
I, the undersigned, a Notary Public in and for said County in the State aforesaid, do
hereby certify that Donald E. Edwards, personally known to me to be the Mayor of the City
of Canton and Nancy Whites, personally known to me to be the City Clerk of the City of
Canton, whose names are subscribed to the foregoing instrument, appeared before me this
day in person and severally acknowledged that as Mayor and City Clerk of the City of Canton
they signed and delivered the foregoing instrument as Mayor and City Clerk of the City of
Canton, and caused the seal of the City of Canton to be affixed thereto, pusuant to authority
given by the City Council of the City of Canton as their free and voluntary act, and as the free
and voluntary act of the City of Canton for the uses and purposes therein set forth.
GIVEN, under my hand and notarial seal this~_day of October, 1998. A.D.,
Susan Henseler, No ary Public
Prepared by: James Elson, Chartered
City Attorney
210 East Chestnut Street
Canton, IL 61520
309/647-0065
(SEAL)
~+ "OFFICIAL SEAL" ,~
Susan B. Henseler ~~
~~ Notary Public, State of Illinois ;
~ My Commission ExpirES 03/06/99,