HomeMy WebLinkAbout92-10• RESOLUTION NO. 92-10
AMENDING RESOLUTION NO. 92-6 THAT COMMITTED TO A LOAN OF $160,000
IN URBAN DEVELOPMENT ACTION GRANT (UDAG) REPAYMENT FUNDS TO
ASSIST HANOVER INVESTMENT PROPERTIES IN THE PURCHASE AND
RENOVATION OF THE JOHNSTON MOBILE HOME PARR
WHEREAS, by Resolution No. 92-6, adopted by the Pulaski Town
Council on May 6, 1992, the Council committed to a loan of
$160,000 in Urban Development Action Grant (UDAG) Repayct(ent funds
to assist Hanover Investments Properties, Inc., a Virginia
corporation owned by Robert Bailie and Michael Boye~, in the
purchase and renovation of the Johnston Mobile Home Park; and,
WHEREAS, it is the desire of Messrs. Bailie an Boyer to
structure the transaction so that the land is acquired by a
newly-formed limited liability company, rather than by Hanover
Investment Properties, Inc.; and,
WHEREAS, Messrs. Bailie and Boyer also want to form a new
corporation to purchase the mobile homes to be rented to the
prospective tenants.
• NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of
Pulaski, Virginia, sitting in Regular Session on June 2, 1992,
that:
Section 1. Resolution No. 92-6 be, and the same hereby is,
amended to provide that the $160,000 of Urban Development Action
Grant Repayment Funds, to be loaned by said Resolution, shall be,
and hereby are, appropriated for expenditure, to be loaned to a
corporation to be formed by Michael E. Boyer and Robert Bailie,
with the endorsements of Hanover Investment Properties, Inc.,
Michael E. Boyer, Julie Boyer, and Robert Bailie as guarantors.
Section 2. All other provisions of Resolution No. 92-6, except
as are expressly amended by this Resolution, are hereby
reaffirmed.
Section 3. This resolution is effective upon adoption and is
adopted by recorded vote of the Town Council of the Town of
Pulaski, Virginia, on this 2nd day of June, 1992:
Charles D. Crispin A_ye Andrew L. Graham Aye
J. R. Schrader, Jr. A~ W. H. Schrader, Jr. Aye
Mary Lou Copenhaver A~_ Alma H. Holston~_
James M. Neblett Absent Robert N. Glenn A_ ems,
• TOWN OF PULASKI, VIRGINIA
By:
Gary C. Hancock, Mayor
Attest:
i
~ ~•
Ruth A. Harrell
Clerk of Council
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