Montgomery County Seal!RESOLUTION NO. 207 of 2017

DATED: August 22, 2017


Resolution by Legislator:   Pepe
Seconded by: Purtell

WHEREAS, Montgomery County administers an Economic Development Program for the purpose of creating and retaining jobs in Montgomery County; and 

WHEREAS, the Montgomery Industrial Development Agency (MCIDA) has reviewed and recommended approval of a business loan application from Lee Newspaper/Lee Village Properties/Lee Shops At Wagner’s Square; and 

WHEREAS, the said applicant has requested a loan for the purpose of purchasing real estate located at 24 Church Street, Canajoharie NY and for the assistance of purchasing inventory for the new business; and

WHEREAS, said applicant has agreed to create ten (10) full time employee jobs over the next three (3) years and retain 5 (5) full time employees in conjunction with receiving the loan.

RESOLVED, that the County Executive, following review and approval by the County Attorney, hereby is authorized and directed to sign an agreement, and any other legal documents necessary to process an economic development loan, in a principal amount not to exceed $400,000 to Lee Newspaper/Lee Village Properties/Lee Shops At Wagner’s Square; and 

FURTHER RESOLVED, that the proceeds shall come from Montgomery County’s Program Income Account; and 

FURTHER RESOLVED, that said loan shall be payable in not more than two hundred and forty (240) equal monthly installments, with an interest of 4.25% (percent); and 

FURTHER RESOLVED, that, at the time of closing, no more than the sum of $1,500 shall be deducted, to allow for closing fees.

RESOLUTION VOTE, passed with Aye(8). Legislator Isabel was absent. (8/22/2017)

Statement of Legislative and Financial Impact:

I. Nature of Request:

Resolution authorizes County Executive to sign all documents associated with the approval of a loan through the County Revolving Loan Fund.

II. Justification:

Montgomery County adiminsters a Revolving Loan Fund for the purposes of providing an opportunity for businesses to create and retain jobs within the County.

III. Legislative Impact:

The County Executive has the authority to sign contracts on behalf of the County pursuant to Article 3 of the Charter.

IV. Financial Impact:

All loan proceeds and closing costs are appropriated through the County's CD Fund.  This has no impact on the County's General Fund.

cc: County Clerk
County Treasurer

Voting Record
Kelly (R) Yes 
Sweet (R) Yes 
Dimond (D) Yes 
Headwell, Jr. (R) Yes 
Wilson (R) Yes 
Duchessi (D) Yes 
Pepe (R) Yes 
Isabel (D) Absent 
Purtell (D) Yes 
STATE OF NEW YORK County of Montgomery ss.:

      This is to certify that I, the Undersigned, Clerk Of The Montgomery County Legislature, have compared the foregoing copy of resolution with the original resolution now on file in the office, and which was passed by the Montgomery County Legislature on the 22nd day of August, 2017, a majority of all the members elected to the Legislature voting in favor therof, and that the same is a correct and true transcript of such original resolution and of the whole thereof.
      IN WITNESS WHEREOF, I have set my hand and the official seal of the Montgomery County Legislature this 28th day of August, 2017

Totals:Aye: 8
Nay: 0 
Abstained: 0
Absent: 1

This resolution was approved by the County Executive on 8/23/2017
Resolution was enacted on 8/23/2017