 | RESOLUTION NO. 127 of 2018 DATED: June 26, 2018 |
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- FOR EXECUTIVE TRIM GROUP, INC/EXECUTIVE GROUP, INC. (ECONOMIC DEVELOPMENT/PLANNING)
| Seconded by: | Wilson |
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 Executive Group Trim, Inc./Executive Group, Inc.; and
WHEREAS, the said applicant has requested a loan for the purpose of renovating/expanding and for the purchase of equipment and vehicles for their warehousing, logistics and millwork manufacturing business located at 50 Park Street, Amsterdam, NY; and
WHEREAS, said applicant has agreed to create sixteen (16) full time employee jobs over the next three (3) years and retain thirteen (13) 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 $500,000 to The Executive Trim Group, Inc./Executive Group, Inc.; 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 one hundred and twenty (120) equal monthly installments, with an interest of 4.75% (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 Sweet was absent. (6/26/2018)
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 administers 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 throught he County's CD Fund. This has no impact on the County's General Fund.
| cc: | County Clerk County Treasurer |
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