RESOLUTION NO. 207 of 2017 DATED: August 22, 2017 |
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- FOR LEE NEWSPAPER/LEE VILLAGE PROPERTIES/LEE SHOPS AT WAGNER’S SQUARE (ECONOMIC DEVELOPMENT/PLANNING)
| 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)
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 |
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