HomeMy WebLinkAbout2002-18• TOWN OF PULASKI, VIItGINIA
RESOLUTION 2002-18
AUTHORIZING A LOAN OF $21,672.08 IN URBAN DEVELOPMENT ACTION
GRANT REPAYMENT FUNDS TO ASSIST LARRY AND KIM MERRELL, T/A
SEMINOLE STEAK HOUSE (HEREAFTER REFERRED TO AS "OWNERS") IN THE
RENOVATIONS OF THE SEMINOLE STEAK HOUSE BUILDING TO
ACCOMMODATE A RESTAURANT.
WHEREAS, the Pulaski Town Council is committed to the revitalization of the Town's
historical downtown business district; and,
WHEREAS, "Owners" have requested financial assistance in the amount of $21,672.08
from the Town for the renovations of an existing commercial building at 1075 E. Main Street,
Pulaski, VA.
WHEREAS, the Town has available certain Urban Development Action grant 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.
• NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Pulaski,
Virginia, sitting in session on June 4, 2002, that;
Section 1. The amount of $21,672.08 from the Urban Development Action grant
repayments Funds, be and hereby is appropriated for expenditure, to be
loaned directly to "Owners" for the renovation, and operation as a
restaurant of the existing commercial building at 1075 E. Main Street,
Pulaski, VA.
Section 2. Said loans are contingent upon "Owners" securing and receiving
$11,000.00 in loans from Gary Tibbs in the amount of $5,000.00; Billy
Merrell in the amount of $3,500.00 and American General Finance in the
amount of $2,500.00 respectively, and "Owners" investment of $13,988.10
for the following items: Rent, Clean Up and Repairs and Landscaping.
Section 3. The loan in the amount of $21,672.08 for the renovations of the building at
1075 E. Main Street, Pulaski, VA, shall bear an interest rate of five (5)
percent per annum and shall be for a term not to exceed five years. The
loan is to be secured by a personal guarantee of "Owners" and a 3rd
mortgage on the "Owners"' personal residence at 39 5`~ Street, NW,
Pulaski, VA.
• Section 4. The Town Attorney is hereby authorized to draft, approve andlor execute
appropriate loan documents not inconsistent with the terms of the
resolution.
Section 5. 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.
Section 6. This resolution is effective upon adoption and is hereby adopted this 4th
day of June, 2002, by recorded vote of the Town Council of the Town of
Pulaski, as follows:
Lane R. Penn -Aye Betty H. Steger - A v e
Kenneth M. Fleenor ~._ Daniel Talbert, Jr. ~._
James M. Neblett, Jr. - A 3' a Pauline G. Mitchell - A q e
E. G. Black, Jr. -Aye Jeffrey S. Worrell - Ay e
Town of Pulaski, Virginia
ATTESTED:
Patricia Cruise, Clerk
By: ~
Charles W. Stewart, Jr.
Mayor
•