HomeMy WebLinkAbout93-02~J
TOWN OF PULASKI, VIRGINIA
RESOLIITION NO. 93-2
AIITHORIZING A LOAN OF $28,500 IN IIRBAN DEVELOPMENT ACTION GRANT
REPAYMENT FIINDS TO ASSIST MARIA LIIISE RYSSEL-FLYNN AND MIIRIEL FLYNN
IN THE ACQIIISITION AND RENOVATION OF AN EBISTING COMMERCIAL
BUILDING IN THE DOWNTOWN AREA FOR THE PIIRPOSE OF ESTABLISHING AN
ANTIQIIE/COLLECTIBLES CENTER
WHEREAS, the Pulaski Town Council is committed to the revitaliza-
tion of the Town's historic downtown business district; and,
WHEREAS, Mrs. Maria Luise Ryssel-Flynn and Mr. Muriel Flynn have
decided to purchase one downtown building for the purpose of
establishing an antique/collectibles center; and
WHEREAS, Mrs. Flynn and Mr. Flynn have requested financial
assistance in the amount of $28,500 from the Town for the purchase
and renovation of an existing commercial building at 27 Main Street
(Tax Map No. 072-051~B021-045); and,
WHEREAS, the Town's financing for purchase and renovation would be
leveraged by an equal commitment from Signet Bank and a 10~
• investment by the prospective buyer; and,
WHEREAS, Mrs. Flynn and Mr. Flynn propose to establish an
antiques/collectibles center, including relocation of their
existing business and approximately ten to twelve rental spaces for
specialty shops, such as new and antique jewelry, vintage clothing
and collectibles; and,
WHEREAS, after renovation, the approximate appraised value of the
building will be $70,000; 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 January 19, 1993
that:
Section 1. The amount of $28,500 from the Urban Development Action
Grant Repayment Funds, be, and hereby is, appropriated for
expenditure, to be loaned directly to Mrs. Maria Luise Ryssel-Flynn
and Mr. Muriel Flynn for the purchase, repair, and renovation of
the existing commercial building at 27 Main Street;
Section 2. Said loans are contingent upon Mrs. Flynn and Mr. Flynn
•
•
securing and receiving $28,500 in related financing from Signet
Bank and contingent upon the Town having a shared first lien on 27
Main Street and contingent upon Mrs. Flynn's and Mr. Flynn's
personal guarantee of the loan.
Section 3. The loan in the amount of $28,500, for the purchase and
renovation of the building at 27 Main Street, shall bear an
interest rate of five percent (5~) per annum and shall be for a
term not to exceed fifteen years.
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 19th day of January, 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. g~ Elbert G. Black, Jr. gyg
Roy H. D'Ardenne, Jr. g~ Alma H. Holston ~
i W.H. Schrader ~ Robert N.,Glenn _~
TOWN OF PULASKI, VIRGINIA
By:
.H. ra er, ice-Mayor
Attest:
Ru arre C er o Counci
•