HomeMy WebLinkAbout94-04RESOLUTION NO. 94 - 4
RESOLUTION TO MODIFY THE TERMS OF A UDAG LOAN TO HANOVER
INVESTMENT PROPERTIES
WHEREAS, by Resolution No. 92-6, the Town Council of the Town of Pulaski authorized a
UDAG loan to Hanover Investment Properties for the purchase and renovation of a mobile home
park within the corporate limits of the Town of Pulaski; and,
WHEREAS, according to the terms of the loan, the repayment date was calculated to commence
six months after completion of the project; and,
WHEREAS, through no fault of the borrower, there were construction delays and cost overruns
which delayed the completion of the project; and,
WHEREAS, Hanover has invested other funds in the property which increased the equity of the
Town of Pulaski and the developer has made full payments since the start of operations in August
1993; and,
WHEREAS, the developer has requested of the Town Council that the terms of the loan
documents be modified to reflect a payment start date of August 1993;
• NOW, THEREFORE, be it resolved by the Town Council of the Town of Pulaski, Virginia,
sitting in Regular Session of February 1, 1994, that the Town Manager, or his designee and the
Town Attorney are hereby authorized to draft, approve, and/or execute appropriate loan
documents reflecting that the payment commencement date be extended by six months to August
1, 1993, and that the loan due date be extended by six months.
This resolution is effective upon adoption and adopted by duly recorded vote of the Town
Council of the Town of Pulaski, Virginia, on this first day of February, 1994.
Charles D. Crispin Aye Andrew L. Graham Aye
J. R. Schrader, Jr. ~ y~ E. G. Black, Jr. Aye
Roy H. D'Ardenne, Jr. Absent Alma Holston Aye
W. H. Schrader, Jr. Absent Robert N. Glenn Ave
By
Gary C. ancock, Mayor
ATTEST: ~~
-AYR-ttic..c-C
Ruth Harrell
Clerk of Council