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HomeMy WebLinkAbout2001-21- • TOWN OF PULASKI, VIRGINIA RESOLUTION NO. 01-21 AL`TiiORILING A LOAN OF 5140,444.44 IN URBAN DEVELOPMENT ACTION GRANT REPAYI~tENT FUNDS TO ASSIST J. DAVID WINE IN THE RENOVATIONS ON THE ADVANCED HEALTH SERVICES BUILDING TO ACCOMMODATE DYNCORP CALL CENTER. WHEREAS, the Pulaski Town Council is committed to the revitalization of the Town's historical downtown business district; and, WHEREAS, J. David Wine has decided to renovate the Advanced Health Services Building to accommodate DynCorp call center; WHEREAS, 3. David Wine has requested financial assistance in the amount of $100,000.00 from the Town for the renovations of an existing commercial building at 58 North Washington Avenue. WHEREAS, 1. Davits Wine proposes to acconunodate the DynCorp call center; WHEREAS, the Town has available certain Urban Development Action grant repayment funds, • being repaid by Pulaski Furniture Corporation and others; and these funds have been segregated and designated for specified activities including economic development and downtown revitalization. NOW, THEREFORE, BE IT RESOLVED by the Counc~7 ofthe Town of Pulaski, Virginia, sitting in regular session on September 4, 2001, that; Section 1. The amount of$140,404.04 fromthe UrbanDevelopment Action grant repayment Funds, be, and hereby is appropriated for expenditure, to be loaned directly to J. David Wine for the renovations, and repair of the existing commercial building at 58 North Washington Avenue; Section 2. Said loans are contingent upon J. David Wine securing and receiving $100,000.00 from First Union in related financing and contingent upon the Town having a shared fast lien on 58 North Washington avenue and further contingent upon J. David Wine's personal guarantee of the loan and a contribution to the project of $50,000.00. Section 3. `The loan in the amount of $100,044.00, for the renovations of the building at 58 North Washington Avenue, shall bear an interest rate of Two (2%j percent per annum and shall be for a term not to exceed five years. The loan is to be secured by a shed first deed of trust. Section 4. The Town Attorney is hereby authorized. to draft, approve and/or execute appropriate loan documents not inconsistent with the terms of the resolution. • Section 5. Nothing contained herein sha11 be deemed a picdge of the full faith and credit of the Town, nor shall it create a general obligation of the Town, nor shah any monies be loaned from the ~~ r: General Fund of the Town. Section b. This resolution is effective upon adoption anti is hereby adopted this 4t6 day of September 2001, by recorded vote of the J'own Council of the Town of Pulaski, as follows: Jeffrey S. Worrell Aye Bettye H. Steger ~_ ~ Pauline G. Mitchell Aye James M. Neblett A y e Daniel Talbert,Jr. Ave Kenneth M. Fleenor ~_ E. G. Black, Jr. Aye Lane R Penn ~~ TOWN OF PULASKI, VLKGIlVIA Charles W. Stewart Jr., Ma or Y Attes • Patric~,a Cruise, Clerk of Council • ____ _..~~._..._._ ..~_~ ~~,. ~~,.... ,.,. ,... ,,.. r„ ,,.,. ,~„