HomeMy WebLinkAbout21-201 Resolution No. 21-201
RESOLUTION
j AUTHORIZING RELEASE AND FORGIVENESS OF A
LOAN TO FOOD FOR GREATER ELGIN, INC.
WHEREAS, the City of Elgin has previously loaned to Food for Greater Elgin, Inc.,
$150,000 pursuant to a loan agreement dated March 20,2020(hereinafter referred to as the"Subject
$150,000 Loan"); and
WHEREAS, the City Council of the City of Elgin has determined that in order to further
support the operations of Food for Greater Elgin,Inc.,which will further protect and support public
health, safety and welfare,to release and forgive the Subject$150,000 Loan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN,ILLINOIS,that the City of Elgin hereby releases and forgives Food for Greater Elgin,Inc.,
from any and all obligations to repay the Subject$150,000 Loan to the City of Elgin.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: December 15, 2021
Adopted: December 15,2021
Vote: Yeas: 8 Nays: 0 Abstain: 1
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk