Resolutions

RESOLUTION NO. 12 of 2019

DATED: January 29, 2019

RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- VIDA BLEND LLC. (ECONOMIC DEVELOPMENT/PLANNING)

Resolution by Legislator:

Kelly

Seconded by:

Pepe

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 Vida Blend, LLC.; and

WHEREAS, the said applicant has requested a loan for the purposes of the construction of a new 14,000 Sq. Ft. facility in the Florida Business Park Extension in exchange for a first place mortgage held by the MCIDA on the new building; and

WHEREAS, said applicant has agreed to create eighteen (18) 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 Vida Blend, LLC. with a first place mortgage held by the MCIDA on the new building; 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.

RESOLUTION VOTE, passed with Aye(8). Legislator Isabel was absent. (1/29/2019)

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)	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 29th day of January, 2019, 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 31st day of January, 2019
Totals:	Aye:	8
	Nay:	0
	Abstained:	0
	Absent:	1