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TOWN OF PULASKI, VIRGINIA
RESOLUTION 2005-36
AUTHORIZING A LOAN IN URBAN DEVELOPMENT ACTION GRANT
REPAYMENT FUNDS TO ANNEILLO AND AMY L. POSILLICO AND GINO'S,
LLC FOR THE REMODELING OF THE BUILDING LOCATED AT 85 WEST
MAIN STREET TO DEVELOP A RESTAURANT
WHEREAS, the Pulaski Town Council is committed to the revitalization of the
Town's downtown business district; and,
WHEREAS, Anneillo and Amy L. Posillico and Gino's, LLC (hereinafter
referred to as "Posillicos") have requested financial assistance in the amount of
$10,300.00 from the Town for the renovations of an existing building at 85 West Main
Street; and
WHEREAS, the Town has available certain Urban Development Action Grant
(UDAG) 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; and
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town
of Pulaski, Virginia that a UDAG Loan in the amount of $ 10,300.00 shall be granted to
. Anneillo and Amy L. Posillico and Gino's, LLC on the following terms and conditions:
That the Town of Pulaski shall have a first lien on the equipment located
at 85 West Main Street which said equipment shall serve as security for
the UDAG loan and that appropriate documents satisfactory to the Town
Manager giving the Town of Pulaski a first lien be executed; and
2. That the terms of the loan shall be at 7% interest per annum on the unpaid
balance until paid in full and the loan amount shall be $10,300.00
amortized monthly over a term of five (5) years; and
3. That the "Posillicos" shall invest $10,600.00 from family sources and
another $2,000.00 from their own funds, totaling $12,600.00.
The Town Attorney is hereby authorized to draft appropriate loan documents not
inconsistent with the terms of this resolution and fees for said work shall be payable by
Anneillo and Amy L. Posillico and Gino's, LLC upon closing; and,
Nothing contained herein shall be deemed a pledge of the full faith and credit of
the Town, nor shall it create a general obligation of the Town, nor shall any monies be
loaned from the General Fund of the Town.
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This resolution is effective upon adoption and is hereby adopted this 20th day of
September 2005, by recorded vote of the Town Council of the Town of Pulaski, as
follows:
Bettye H. Steger -Aye Joel B. Burchett, Jr. -Aye
John T. Bolen -Aye Jeffrey S. Worrell -Aye
Lane R. Penn -Aye Daniel Talbert, Jr. -Aye
Town of Pulaski, Virginia
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By:
arles L. Wade, Mayor
ATTESTED:
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Patricia Cruise, Clerk of Council
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