HomeMy WebLinkAbout2009-19RESOLUTION 2009-19
UDAG loan To Dreama Crawford dba/Flowers By Dreama Dawn
WHEREAS, the Pulaski Town Council is committed to the revitalization of the Town's downtown business district;
and,
WHEREAS, Dreama Crawford dba/Flowers by Dreama Dawn has requested financial assistance to support the
expansion of their business at 338 North Washington Avenue, Pulaski, Virginia;
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;
WHEREAS, Mrs. Crawford and others have invested approximately $16,000 in the project
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Pulaski, Virginia that a UDAG loan of
$12,645.00 be made to Dreama Crawford dba/Flowers by Dreama Dawn on the following terms and conditions:
1. The interest rate on the loan be at 5% per annum for a fixed term of five years.
2. A Promissory Note be signed by the parties;
3. The amount of funds shall not exceed $12,645.00 from UDAG repayment funds;
4. The Town has right to all equipment, business inventory, accounts receivable, and general intangibles
now owned or hereafter acquired. A security agreement will secure this loan and will be filed in the
Pulaski County Circuit Court Clerk's Office.
S. The Town Manager and Town Attorney are hereby authorized to draft, approve, and execute
appropriate loan documents.
6. Nothing contained herein shall be deemed a pledge of the full faith and credit of the Town, nor shall it
create a general obligation to the Town, nor shall any monies be loaned from the General Fund of the
Town.
This resolution is effective upon adoption and is hereby adopted this 1St day of September 2009, by recorded
vote of the Town Council of the Town of Pulaski, as follows:
David L. Clark -Aye
Larry G. Clevinger, II -Aye
H.M. Kidd -Aye
ATTEST:
Patricia Cruise, Clerk of Council
Joel B. Burchett, Jr. -Aye
Robert A. Bopp -Aye
Morgan P. Welker -Aye
THE TOWN OF PULASKI, VIRGINIA
BY: ~"
Je rey S. Worrell, Mayor