HomeMy WebLinkAbout2001-05•
RESOLUTION N0.2001-OS
APPROVAL OF UDAG LOAN REQUEST FOR PAT BYRNE
WHEREAS, the Town Council sitting in Regular Session on 5 / 1 has considered the loan
application of Pat Byrne, a Physical Therapist, in the Town of Pulaski, VA; and
WHEREAS, the Town Council has determined that to make the loan requested by the applicants
would be in the best interests of the citizens of Pulaski and in keeping with the announced purpose
of the Council to foster, promote and encourage business in the downtown Pulaski area; and
THEREFORE, BE IT HEREBY RESOLVED by the Town Council of the Town of Pulaski,
VA, sitting in special session that the loan for applicant shall be extended and granted on the
following terms and conditions:
1. The personal signature and guarantee of Pat Byrne on a Promissory
-Note not to exceed 45% of the total investment costs, permanent working capital and
relocation cost of establishing that certain business in the Town of Pulaski formerly
known as "Pulaski Physical Therapy Associates, Inc".
2. Interest shall be due the Town at 2/3 of the Wall Street Journal Prime rate at the time
of closing, but not less that 5.00% annually.
3. That there will be a first lien on the borrower's 1998 Honda Accord EX.
4. That the loan is matched by a letter of credit from Bank of America.
5. That the loan is to be made from Town funds designated as UDAG funds and that the
loan proceeds shall be used by the applicant for the sole purpose of establishing and
operating the business as stated in this resolution.
6. That the loan will be repayable in 60 consecutive monthly installments.
7. Liability and Collision Insurance on the collateral is required.
8. Pat Byrne and his partner Marie Goodwin each shall contribute Thirty Five Thousand
Dollars ($ 35,000.00) to the business, Pulaski Physical Therapy Associates, Inc.
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This resolution is effective upon its adoption, and is adopted on the recorded vote of the Town
Counsel of the Town of Pulaski, Virginia, on this the 1 s tday of May , 2001, as follows:
Lane R. Penn- Aye Bettye H. Steger- a ~, P
Kenneth M. Fleenor- Aye Daniel Talbert, Jr. - A y e
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C]
James M. Neblett-
E.G. Black, Jr.-
q ~ P Pauline G. Mitchell- Az-e
Aye Jeffrey S. Worrell- A y e
~j ~ /~ ~ '~
Charles W. Stewart, Jr.,
Mayor ``
ATTEST:
~ _v'/Y~cLJ/1
Patricia Pendergrast, Cler f Council
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