HomeMy Public PortalAbout19-1997-33 RESOLUTION 1997-33 S C ED
A RESOLUTION AUTHORIZING THE DEFERMENT OF
BALLOON PAYMENT ON LOAN AGREEMENT BETWEEN 1111,
CITY OF GREENCASTLE AND MAINSTREET 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 Techno Trim, 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 (540,000.00) from the recaptured
funds from the loan to Techno-Trim, 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. 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; and
WHEREAS, the Greencastle Common Council approved the Deferment of Payments by the
passage of Resolution 1992-10, "A Resolution Authorizing The Deferment of Payments Loan
n Agreement Between City of Greencastle and Main Street Greencastle, Inc" at its regular meeting
held May 12, 1992; and
WHI-•REAS, Main Street Greencastle has been making monthly payments of Two Hundred
Thirty Three Dollars and Eighty Four Cents (5233.84), and is requesting to continue those
payments and extend the Balloon Payment until August 1999 as Main Street Greencastle, Inc.
pursues sale of the property.
THEREFORE, BE IT RESOLVED, by the Common Council of the City of Greencastle that the
Balloon Payment on the loan from the City of Greencastle to Main Street Greencastle, Inc. be
deferred until August 31, 1999, 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 with monthly payments of Two Hundred Thirty
Three Dollars and Eighty Four Cents ($233.84)to continue.
PASSED AND RESOLVED THIS 12TH DAY OF AUGUST, 1997.
C MMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
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Thomas R ach Barry Baynard7
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ar Hammer David Masten
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Approved and signed by me this 12th day of A st, 1997, at. g1'O s- o'clock p.m.
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Nancy A. Michael, Mayor
A ST:
Pamela S. Jones, Cl k-Tr surer