HomeMy WebLinkAbout91-0925 Bakstad Center City 9 I. o`tAS
RESOLUTION
APPROVING LOAN UNDER THE SPECIAL BUSINESS LOAN
PROGRAM FOR BUILDING IMPROVEMENTS IN ELGIN CENTER CITY
WHEREAS, the City of Elgin and certain banks and savings
and loan institutions have established a special business loan
program for building improvement in Center City Elgin for
revitalization purposes; and,
WHEREAS, Craig S . Bakstad has submitted an application to
the Union National Bank and Trust Company of Elgin for loan
under the special business loan program; and,
WHEREAS, the Union National Bank and Trust Company of
Elgin has approved this loan under the special business loan
program; and,
WHEREAS, the loan is for the improvement of a type of
business located in an area of the Center City of Elgin which
meets the eligibility requirements of the special business
loan program; and,
WHEREAS, the loan application meets the general
requirements concerning type of financing, contractor bids of
the special loan program; and
WHEREAS, the loan applicants meet the qualifying
standards as set out in the special business loan program; and
WHEREAS, it is determined that funds are available for
the loan, the development plans are compatible with the Center
City development plans, and the application is in adherence to
the objectives and regulations of the program.
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that Larry L. Rice, City Manager, and
Dolonna Mecum, City Clerk, are hereby authorized to approve
the special business program loan as set forth in the loan
approval of the Union National Bank and Trust Company of Elgin
attached hereto and made a part hereof by reference, and to
make monthly interest payments in the amount of prime plus 1
(one) percent to a ceiling of fourteen ( 14 ) percent minus six
( 6 ) percent so long as the borrower continues to make
regularly scheduled loan payments .
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: September 25, 1991
Adopted: September 25, 1991
Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
LOAN PROPOSAL
ELGIN CENTER CITY
SPECIAL BUSINESS LOAN PROGRAM
Craig S. Bakstad
Company Name: Bakslad Photo Lender Name: I� i st Co.
Address: 211 Fast Chicago Address: One Fpuntain Square Plaza
. Elgin, Illinois - Elgin Illinois
Phone: 7nR ARR_2rx13 Phone: 7nR RRR-7500
Owner's Name: Craig S. Bakstad Account Officer Name:
James R. Gardner
AMOUNT APPROVED BY LENDER: $ 50,000.00 .•
INTEREST RATE: WSJP + 1 % (9.5 %)
TERM OF LOAN: 12n Months
Monthly Payments: $ 501 .16 per month by borrower
$ 145.8R per month initially by City
Collateral : Second mortgage (hehind finst mortgaj of $9D,aao) nn -2n9-211 Rani•
Chicago Street, Elgin, IL
The undersigned lending institution has approved the above.-extension of credit.
The purpose of the loan and contractor(s) are described on the attached
application.
Union Kati ona 1 Rank& Trust an
Lending Institution
r ccount Officer
James R. Gardner, Senior Vice President
Date: September 9, 1991
•
INFORMATION REQUIRED:
1. Attach copy of contractor proposals and copies of other contractor
bids obtained for the proposed work.
2. Attach copy of completed Application from borrower.
•
1NION DAM
September 13, 1991
•
Ms. Deborah Nier
Assistaiit to 21 City Managgee'r
• • City of Elgin
150 Dexter Court
Elgin, IL 60120
Re: Special Business Loan Program for Building Improvements
Craig S. Bakstad, 211 East Chicago St.
Dear Ms. Nier:
This letter is to confirm that the request made by Craig Bakstad to rehabilitate the building at 211 East
Chicago Street in conjunction with the City of Elgin Special Business Loan program was approved by the
loan committee of Union National Bank and Trust Company on September 11, 1991.
Provided that this request is accepted by the City Council of the City of Elgin, Union National Bank will offer
funds to this customer as approved by the loan committee.
Sincerely,
-Friedrich H. Fiebig,
Cred't Ana'y t
Enc: Amortization Schedule of Loan (as requested)
Union National Bank&Trust Company of Elgin
One Fountain Square Plaza Elgin, Illinois 60121-0327 708-888-7500 Fax 708-888-2662 Member FDIC