HomeMy WebLinkAbout91-0925 Goldstein Center City gi . o9PS
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, Jerry L. Goldstein has submitted an application
to the Larkin Bank for loan under the special business loan
program; and,
WHEREAS, the Larkin Bank 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 Larkin Bank 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
Larkin Bank
September 17, 1991
Jerry L. Goldstein
JR Properties, Ltd.
107 East Highland Avenue
Elgin, IL 60120
Re: 17-25 Grove Avenue
Elgin, Illinois 60120
Dear Mr. Goldstein:
I am pleased to inform you that Larkin Bank has approved
your request for a loan under the Elgin Center City
Special Business Loan Program for Building Improvements.
The amount of the loan will be $46, 300 and will be accord-
ing to the terms of the program. These terms are as
follows:
Interest Rate: Prime + 1% (6% paid by borrower)
Term: 10 years
Collateral: Second mortgage on the above property
If you should have any questions concerning this loan
commitment letter, please do not hesitate to call me.
Sincerely,
• . 124,-c_o_.,„.>
Thomas W. Hansen
Assistant Vice President
Lending
TWH/mlw
1600 Larkin Avenue, Elgin, Illinois 60123, (708) 888-5500 • 2555 West Golf Road, Hoffman Estates, Illinois 60194, (708) 882-5560
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