HomeMy Public PortalAbout10-1992-10 RESOLUTION NO. 1992-10
A RESOLUTION AUTHORIZING THE DEFERMENT OF PAYMENTS
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. applied for and the City of Greencastle lent to Main Street
Greencastle, Inc., the sum of Forty Thousand Dollars ($40,000) from the recaptured funds from the loan
to TechnoTrim, Inc. (Grant II 86-009) for use in renovating the Old Opera House, subject to all terms and
conditions of the Amended Plan for Use of Recaptured Funds from Techno-Trim, Inc. Loan as approved
by Resolution 1988-28; and
WHEREAS, Main Street Greencastle, Inc. has requested that the payments on said loan be deferred
for the period of three (3) years, said period beginning on March 1, 1992 and ending on February 28,
1995, due to delays in beginning the project.
THEREFORE, BE IT RESOLVED, by the Common Council of the City of Greencastle that payments
on the loan from the City of Greencastle to Main street Greencastle, Inc. be deferred for a a period of
three (3) years, said period to begin on March 1,1992, and end on February 28, 1995, with all other 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 to remain the same.
PASSED AND RESOLVED THIS 12TH DAY OF MAY, 1992.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
Thomas W. Roach Susan V. Murray• DLQS{ ( 117,‘,V /D. Calbert Charles T. Miles
ichael W. Rokicki
Approved and signed by me this 12th day of May, 1992, at S.4 � o'clock, .m.
Michael M. Harmless,
Mayor
ATTEST:
ith Berry,
erk-Treasurer