HomeMy WebLinkAbout93-15TOWN OF PIILASRI, VIRGINIA
RESOLIITION NO. 93-15
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AIITHORIZING A LOAN OF $29,250 IN IIRBAN DEVELOPMENT ACTION GRANT
REPAYMENT FIINDS TO ASSIST CHARLES G. AND JOYCE D. TRAVIS IN THE
ACQIIISITION AND RENOVATION OF AN EBISTING COMMERCIAL BIIILDING IN
THE DOWNTOWN AREA FOR THE PIIRPOSE OF ESTABLISHING AN
ORIENTAL RIIG AND ACCESSORIES CENTER
WHEREAS, the Pulaski Town Council is committed to the revitaliza-
tion of the Town's historic downtown business district; and,
WHEREAS, Charles G. and Joyce D. Travis have decided to purchase
one downtown building for the purpose of establishing a fine
quality handmade oriental rugs and accessories store;
WHEREAS, Charles G. and Joyce D. Travis have requested financial
assistance in the amount of $29,250 from the Town for the purchase
and renovation of an existing commercial building at 84 West Main
Street (Tax Map No. 072-051-B022-028A); and,
WHEREAS, the Town's financing for purchase and renovation would be
matched by an equal commitment from NationsBank and a 100
investment by the prospective buyer; and,
WHEREAS, Charles G. and Joyce D. Travis propose to establish an
oriental rug and accessories store as a satellite operation to
their Blowing Rock, North Carolina store;
WHEREAS, after renovation, the approximate appraised value of the
building will be $66,000; and
WHEREAS, the Town has available certain Urban Development Action
Grant Repayment funds, being repaid by Pulaski Furniture
Corporation and Magnox-Pulaski, Inc., and these funds have been
segregated and designated for specified activities including
economic development and downtown revitalization.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of
Pulaski, Virginia, sitting in regular session on October 26, 1993
that:
Section 1. The amount of $29,250 from the Urban Development Action
Grant Repayment Funds, be, and hereby is, appropriated for
expenditure, to be loaned directly to Charles G. and Joyce D.
Travis for the purchase, repair, and renovation of the existing
commercial building at 84 West Main Street;
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Section 2. Said loans are contingent upon Charles G. and Joyce D.
Travis securing and receiving $29,250 in related financing from
NationsBank and contingent upon the Town having a shared first lien
on 84 West Main Street and contingent upon the Travis' personal
guarantee of the loan.
Section 3. The loan in the amount of $29,250, for the purchase and
renovation of the building at 84 West Main Street, shall bear an
interest rate of five percent (5~) per annum and shall be for a
term not to exceed fifteen years. The loan is to be secured by a
shared first deed of trust.
Section 4. The Town Manager and the Town Attorney are hereby
authorized to draft, approve, and/or execute appropriate loan
documents not inconsistent with the terms of this resolution.
Section 5. Nothing contained herein shall be deemed a pledge of
the full faith or 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.
Section 6. This resolution is effective upon adoption and is
hereby adopted this 26th day of October, 1993, by recorded vote of
the Town Council of the Town of Pulaski, as follows:
Charles D. Crispin Aye Andrew L. Graham Aye
J. R. Schrader, Jr. Aye Elbert G. Black, Jr. Ave
Roy H. D'Ardenne, Jr. Aye Alma H. Holston ~
W.H. Schrader g~ Robert N. Glenn ~
TOWN OF PULASKI, VIRGINIA
By:
Gary Hancoc , Mayor
Attest:
,e:~C~ ~ .
Ru A. Harre , C er o Counci
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