HomeMy Public PortalAbout10-1990-10 RESOLUTION NO. 1990-10
A RESOLUTION APPROVING TERMS AND CONDITIONS OF
LOAN AGREEMENT
BETWEEN CITY OF GREENCASTLE
AND MAIN STREET GREENCASTLE, INC.
WHEREAS, the City of Greencastle, Indiana, adopted an
amended plan for the use of recaptured funds by the passage of
Resolution No. 1988-28, "A Resolution Approving Amended Plan
for Use of Recaptured Funds from Technotrim, Inc. Loan" at
its regular meeting held June 14, 1988; and,
WHEREAS, Main Street Greencastle, Inc. has applied for a
loan of Forty Thousand Dollars ($40,000.00) to be utilized by
Main Street Greencastle, Inc. , in the renovation of the Old
Opera House located at 12-14 North Jackson Street,
Greencastle, Indiana; and,
WHEREAS, the renovation of the Old Opera House will
satisfy the objectives of the Recapture Plan by creating jobs
for the community and stimulating the local economy; and,
WHEREAS, the Citizens Advisory Commission for Industrial
/1
Development on August 3, 1989, approved the loan to Main
Street Greencastle, Inc. , in the amount of Forty Thousand
Dollars ($40,000.00) subject to the terms and conditions of
the Recapture Plan.
WHEREAS, the City of Greencastle proposes to loan Forty
Thousand Dollars ($40,000.00) from the recaptured funds from
the loan to Technotrim, Inc. (Grant II 86-009) be lent to Main
Street Greencastle, Inc. for use in renovating the Old Opera
House, subject to all terms and conditions of the Amended Plan
for Use of Recaptured Funds from Technotrim, Inc. Loan as
approved by Resolution No. 1988-28.
WHEREAS, said loan in the amount of Forty Thousand
Dollars ($40,000.00) 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 Main Street
Greencastle, Inc. and the City of Greencastle, which Real
/"1 Estate Mortgage will be subordinate to the primary financing
for the project, and 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 Main Street Greencastle, Inc. and the City of
Greencastle are hereby approved and that Mayor Michael M.
Harmless and Clerk-Treasurer Judith Berry are hereby
authorized to act as signatories upon said Loan Agreement and
Subordination Agreement.
PASSED AND RESOLVED BY THE COMMON COUNCIL OF THE CITY OF
GREENCASTLE THIS 10TH DAY OF JULY, 1990.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
L - 7,
�LLLL i, 1"-li L-LU.-
Sheti Z. Roach
Tim Conway
illSusan V. Murray
Robert P. Sedlack
, / '
(1(1/i-citi-ogiahl• ( JA-e}/3,',
Michael W. Rokicki)
Approved and signed by me this 10th day of July, 1990, at
IU;IU o'clock, p .m.
2/,./.__I / Z/_/:
Michael M. Harmless,
Mayor
ATTEST:
J d th r Bery, 0
le k-Treasurer