HomeMy WebLinkAbout2012-01RESOLUTION 2012-O1
RESOLUTION 2012-O1
Approval of a USDA Rural Business Enterprise Grant (RBEG) for Darren J. Lucas d/b/as VA Stone and Brick
Designs, Inc. in the Town of Pulaski, Virginia.
WHEREAS, the Town Council directed at its Legislative Session on December 6, 2011 that the Town Manager,
Town Attorney, and staff prepare the appropriate documents to make a loan from its designated Rural
Business Enterprise Grant funds awarded to the Town on August 21, 2009;
WHEREAS, the Town Council has determined that making such a loan as requested by the applicant is in the
best interest of the business climate and the citizens of the Town of Pulaski and is in keeping with the general
outline of the Rural Enterprise Grant program to encourage and retain small business in the community;
AND WHEREAS, the principal owner, Mr. Lucas and VA Stone & Brick Design, Inc. have a successful record of
business acumen and have met the qualifications for the loan;
THEREFORE BE IT HEREBY RESOLVED by the Town Council of the Town of Pulaski sitting in legislative session
January 10, 2012 that a loan shall be extended to the applicant and granted on the following terms:
1. The personal signature and guarantee of Darren J. Lucas d/b/as VA Stone & Brick Designs, Inc. on a
Promissory Note not to exceed $79,000.
2. Interest shall be due to the Town at 2%.
3. There will be a first lien on the inventory and machinery now owned or hereafter acquired.
4. The loan is repayable over a period of twenty years.
5. Hazard insurance on the collateral is required.
This resolution is effective upon adoption and is hereby adopted this 10th day of January 2012 by the duly
recorded vote of the Town Council of the Town of Pulaski, Virginia as follows:
Morgan P. Welker -Aye
H.M. Kidd -Aye
David L. Clark -Absent
ATTEST:
Robert A. Bopp -Aye
Joseph K. Goodman -Aye
Gregory C. East -Aye
THE TOWN OF PULASKI, VIRGINIA
BY:
rey S. Worrell, Mayor
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Brenda Shelton, Acting Clerk of Council