HomeMy WebLinkAbout93-20 Resolution No. 93-20
RESOLUTION
AUTHORIZING EXECUTION OF A LOAN AGREEMENT WITH
THE CENTER CITY DEVELOPMENT CORPORATION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that George VanDeVoorde, Mayor, and Dolonna Mecum,
City Clerk, be and are hereby authorized and directed to
execute a Loan Agreement on behalf of the City of Elgin with
the Center City Development Corporation for Center City
Development Corporation activities at 32-52 Fountain Square
Plaza, a copy of which is attached hereto and made a part
hereof by reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: January 27, 1993
Adopted: January 27, 1993
Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
LOAN AGREEMENT
On this Q,A,Lday of -7 :t c,c/ , 1993, the
City of Elgin, Illinois, a municipal corporation (hereinafter
referred to as CITY) and the Center City Development
Corporation, an Illinois not-for-profit corporation
(hereinafter referred to as DEVELOPMENT CORPORATION) , do
hereby enter into an agreement for the loan of funds by City
to Development Corporation.
NOW, THEREFORE, in consideration of the mutually
agreed upon covenants contained herein, and for other good and
valuable consideration, the sufficiency of which is hereby
acknowledged, do hereby enter into this agreement.
1 . The City hereby agrees to loan to the
Development Corporation the sum of $25,000 .
2 . The Development Corporation agrees to use said
loan proceeds on or before March 31, 1993 for the following
purposes :
A. Provide start-up money for the Children' s
Museum and Imaginasium to be used for moving
expenses, salaries, insurance, and other related
expenses for the relocation of this corporation into
the Center City area of Elgin in the property known
as 32-52 Fountain Square Plaza, Elgin, Illinois .
B. Architectural fees for the pre-design of
interior office space of the property at
32-52 Fountain Square Plaza, Elgin, Illinois .
Failure to expend proceeds of the loan as provided herein to
the reasonable satisfaction of the corporate authorities shall
result in a breach of this agreement and the refund of the
loan proceeds (plus reasonable costs, and attorney' s fees
incurred in the event City is required to litigate to retrieve
said funds) as and for liquidated damages .
3 . Development Corporation shall repay the loan to
City on or before June 1, 1993, or the date of acquisition of
the property, whichever occurs first.
CENTER CITY DEVELOPMENT CITY OF ELGIN
CORPORATION
By — By
E .C. Wilson, President George anDeVoorde, Mayor
Attest: Attest:
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Sectary City Clerk