HomeMy Public PortalAbout19-1988-35 RESOLUTION NO. 1988 - 35
A RESOLUTION APPROVING TERMS AND
CONDITIONS OF LOAN AGREEMENT BETWEEN
CITY OF GREENCASTLE AND HEARTLAND AUTOMOTIVE, INC.
Lfto
WHEREAS, the Housing and Community Development Act of 1974,
Public Law No. 93-383, as amended, provides in Section 103
thereof for the establishment of a Community Development Block
Grant Program; and
WHEREAS, the State of Indiana has established such a program
and has provided for Investment Incentive Assistance Grants to be
administered by the Director of the State of Indiana Department
of Commerce; and
WHEREAS, the act authorizes and empowers the City of
Greencastle to make loans for the purpose of financing the cost
of acquisition of certain industrial facilities; and
WHEREAS, pursuant to the provision of the Act and to
relevant statutes and regulations of the State of Indiana, the
City of Greencastle has agreed to make a loan to Heartland
Automotive, Inc. for the purpose of financing the cost of
acquisition of certain capital equipment to be used by the
Company at its manufacturing facility located at 10th Street,
Greencastle, Indiana; and
WHEREAS, the City of Greencastle proposes to make such loan
from the proceeds of an Investment Incentive Grant from the State
of Indiana, Department of Commerce, pursuant to a Grant award
letter dated as January 22, 1988; and
WHEREAS, said loan in the amount of One Hundred Thousand
Dollars ($100,000.00) will be evidenced by a Loan Agreement, a
Promissory Note issued pursuant to the Loan Agreement, and will
be secured by a Real Estate Mortgage between Heartland
Automotive, Inc. and the City of Greencastle, which said
documents have been submitted to the Common Council for approval.
NOW THEREFORE, BE IT RESOLVED, by the Common Council of the
City of Greencastle that the terms and conditions set forth in
the Loan Agreement, Promissory Note, and Real Estate Mortgage
between Heartland Automotive, Inc. and the City of Greencastle
are hereby approved and that Mayor Michael M. Harmless and
1.
Clerk-Treasurer Judith Berry are hereby authorized to act as
signatories upon said Loan Agreement.
PASSED AND RESOLVED BY THE COMMON COUNCIL OF THE CITY OF
1111 GREENCASTLE THIS 26th DAY OF JULY, 1988.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
sfU-6LoZ ,Cj\--)Cft4-
Sheri Z. Roach
Tim Conway
Susan V. Murray
1Ro ert P. Sedlack
'-12Yiki- /212 :).-OUL
Michael W. ekicki
Approved and signed by me this 26th day of July, 1988, at
I0.,40 o'clock, -r .m.
7.,(1-- /6<-----
Michael M. Harmless,
Mayor
ATTEST:
F ..,(,4__T-4 18,,,,,d
Ju ith Berry,
rk-Treasurer
0111
2.