RESOLUTION NO. 18 of 2020 DATED: January 28, 2020 |
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- FOR EISENADLER BRAUHAUS, LLC (ECONOMIC DEVELOPMENT/PLANNING)
| Seconded by: | Kelly |
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 Eisenadler Brauhaus, LLC; and
WHEREAS, the said applicant has requested a loan for the purposes of purchasing equipment and for working capital for a new brewery located at 88 East Main St, Nelliston; and
WHEREAS, said applicant has agreed to create five (5) 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 $150,000 to Eisenadler Braushaus, LLC; 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 5.00% (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(9). (1/28/2020)
I. Nature of Request:
Resolution authorizes County Executive to sign all documents associated witht he 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 closting 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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