Loading...
HomeMy WebLinkAbout93-16• TOWN OF PIILABRI, VIRGINIA RESOLIITION NO. 93-16 AIITHORIZING A LOAN OF $34,052 IN IIRBAN DEVELOPMENT ACTION GRANT REPAYMENT FIINDS TO ASSIST DEBORRAB J. JONAS AND GORDON D. JONAS IN THE ACQIIISITION AND RENOVATION OF AN E%ISTING COMMERCIAL BIIILDING IN THE DOWNTOWN AREA FOR THE PIIRPOSE OF ESTABLISHING AN ANTIQIIE AND COLLECTIBLES BIISINESS AND RENTAL OFFICE SPACE WHEREAS, the Pulaski Town Council is committed to the revitaliza- tion of the Town's historic downtown business district; and, WHEREAS, Deborrah J. Jonas and Gordon D. Jonas have decided to purchase one downtown building for the purpose of establishing an antique and collectibles business and rental office space; WHEREAS, Deborrah J. and Gordon D. Jonas have requested financial assistance in the amount of $34,052 from the Town for the purchase and renovation of an existing commercial building at 61 and 59 West Main Street (Tax Map No. 072-051-B021-027); and, WHEREAS, the Town's financing for purchase and renovation would be matched by an equal commitment from NationsBank and a l00 investment by the prospective buyer; and, WHEREAS, Deborrah J. and Gordon D. Jonas propose to establish an antique and collectibles store and rental office space; WHEREAS, after renovation, the approximate appraised value of the building will be $53,568; 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 October 26, 1993 that: Section 1. The amount of $34,052 from the Urban Development Action Grant Repayment Funds, be, and hereby is, appropriated for expenditure, to be loaned directly to Deborrah J. and Gordon D. Jonas for the purchase, repair, and renovation of the existing commercial building at 61 and 59 West Main Street; Section 2. Said loans are contingent upon Deborrah J. and Gordon D. Jonas securing and receiving $34,052 in related financing from NationsBank and contingent upon the Town having a shared first lien on 61 and 59 West Main Street and contingent upon Deborrah J. and Gordon D. Jonas' personal guarantee of the loan. • • • Section 3. The loan in the amount of $34,052, for the purchase and renovation of the building at 61 and 59 West Main Street, shall bear an interest rate of five percent (5~) per annum and shall be for a term not to exceed fifteen years. The loan is to be secured by a shared first deed of trust. 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 26th day of October, 1993, by recorded vote of the Town Council of the Town of Pulaski, as follows: Charles D. Crispin A~~ J. R. Schrader, Jr. A~ Roy H. D'Ardenne, Jr. A~_ W . H . Schrader A~,P Andrew L. Graham A,,~e Elbert G. Black, Jr. g~,P Alma H. Holston 4`~ Robert N. Glenn Al,ctain TOWN OF PULASKI, VIRGINIA B ~ ~ G~ Y• Gary an c , ayor Attest: ~. Ru A. Harre , C er o Counci C.