92-319 6\ 1 -11
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, Jack Sabo has submitted an application to Elgin
State Bank for loan under the special business loan program;
and
WHEREAS, the Elgin State 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
r 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
proposal of the Elgin State Bank attached hereto and made a
part hereof by reference, and to make monthly interest
payments in the amount of prime plus one ( 1%) 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: December 16, 1992
Adopted: December 16, 1992
Omnibus Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
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