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HomeMy WebLinkAbout2006-08TOWN OF PULASKI, VIRGINIA RESOLUTION 2006-08 AMENDMENT OF RESOLUTION 2005-36 AUTHORIZING A LOAN IN URBAN DEVELOPMENT ACTION GRANT REPAYMENT FUNDS TO ANNEILLO AND AMY L. POSILLICO AND GINO'S, LLC WHEREAS, the Pulaski Town Council is committed to the revitalization of the Town's downtown business district; and, WHEREAS, Anneillo and Amy L. Posillico and Gino's, LLC (hereinafter referred to as "Posillicos") have requested financial assistance in the amount of $23,100.00 from the Town for the renovations of an existing building at 85 West Main Street; and 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; and NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Pulaski, Virginia and hereby amends Resolution 2005-36 to provide that a UDAG Loan in the amount of $23,100.00 shall be granted to Anneillo and Amy L. Posillico and Gino's, LLC on the following terms and conditions: 1. That the Town of Pulaski shall have a first lien on the equipment located at 85 West Main Street which said equipment shall serve as security for the UDAG loan and that appropriate documents satisfactory to the Town Manager giving the Town of Pulaski a first lien be executed; and 2. That the terms of the loan shall be at 6% interest per annum on the unpaid balance until paid in full and the loan amount shall be $18,100.00 amortized monthly over a term of five (5) years; anc~, 3. That the "Posillicos" shall invest $10,600.00 from family sources and another $7,000.00 from their own funds, totaling $17,600.00. The Town Attorney is hereby authorized to draft appropriate loan documents not inconsistent with the terms of this resolution and fees for said work shall be payable by Anneillo and Amy L. Posillico and Gino's, LLC upon closing; and, 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. This resolution is effective upon adoption and is hereby adopted this 7`h day of March 2006, by recorded vote of the Town Council of the Town of Pulaski, as follows: Bettye H. Steger -Absent John T. Bolen -Aye Lane R. Penn -Aye Joel B. Burchett, Jr. -Aye Jeffrey S. Worrell -Aye Daniel Talbert, Jr. -Aye Town of Pulaski, Virginia By: Charles L. Wade, Mayor ATTESTED: c...- Patricia Cruise, Clerk of Council