Resolutions

RESOLUTION NO. 272 of 2018

DATED: December 18, 2018

RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- FOR VALLEY VIEW HOSPITALITY, INC. (MICROTEL HOTEL PROJECT ) (ECONOMIC DEVELOPMENT/PLANNING)

Resolution by Legislator:

Pepe

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 Valley View Hospitality, Inc. (Microtel Hotel Project); and

WHEREAS, the said applicant has requested a loan for the purposes of the construction of a Microtel Hotel, located at 1375 State Hwy Route 5S, Amsterdam, NY; and

WHEREAS, said applicant has agreed to create fourteen (14) full time employee jobs over the next three (3) years 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 Valley View Hospitality, Inc. (Microtel Hotel Project); 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 5.25% (percent); and

FURTHER RESOLVED, that, at the time of closing attorney closing fee’s will be deducted from the loan proceeds; and

FURTHER RESOLVED, that MCIDA’s Agency Counsel will work with MacKenzie and Tallent as it relates to the due diligence of the structuring of the loan.

RESOLUTION VOTE, passed with Aye(8). Legislator Duchessi abstained. (12/18/2018)

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 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)	Abstained
Pepe	(R)	Yes
Isabel	(D)	Yes
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 18th day of December, 2018, 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 2nd day of January, 2019
Totals:	Aye:	8
	Nay:	0
	Abstained:	1
	Absent:	0