HomeMy WebLinkAbout2009-20RESOLUTION 2009-20
Loan to MicroSolutions Project
WHEREAS, the Pulaski Town Council is committed to the revitalization of the historic downtown, the Town's broader
retail and business districts, and the overall economic health of the Town and County;
WHEREAS, the Town of Pulaski is cooperating with Pulaski County, the Radford Universit Small Busi !
Center, the New River Valley Competitiveness Center, the Pulaski County Chamber of Commerce, and Bea sVandpR ent
Inc. to insure the economic health and vitality of the Town and County;
WHEREAS, the MicroSolutions project offers investment from the Virginia Department of Housing and Community
Development to match Town and County funds to create a revolving loan pool to support small business developm~nt
and investment in the Town and County;
WHEREAS, the Town has available certain Urban Development Action Grant (UDAG) repayment funds, being repaid ~y
Pulaski Furniture Corporation and others; and these funds have been segregated and designated for specified activities
including economic development and downtown revitalization;
WHEREAS, the Town of Pulaski seeks to further cooperative efforts that serve the health and welfare of the Town and
County;
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Pulaski, Virginia that a UDAG investment of
$75,000.00 be made to the MicroSolutions project on the following terms and conditions:
1. The amount of funds shall not exceed $75,000.00 from UDAG repayment funds;
2. The Town joins as a party to security agreements that secure this loan, the agreements to be filed in the Pulaski
County Circuit Court Clerk's Office.
3. The Town Manager and Town Attorney are hereby authorized to draft, approve, and execute appropriate
documents.
4. 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 shalt 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 ~he
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:
leffr orrel , Mayor