 | RESOLUTION NO. 160 of 2021 DATED: August 3, 2021 |
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN REVOLVING LOAN FUND AGREEMENT- FOR 8-10 YEOMAN STREET, INC AND COOKIES FROM BROOKLYN (ECONOMIC DEVELOPMENT/PLANNING)
| Seconded by: | Dimond |
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 8-10 Yeoman Street, Inc and Cookies From Brooklyn; and
WHEREAS, the said applicant has requested a loan for the purposes of purchasing real estate located at 8-10 Yeoman Street, Amsterdam; and
WHEREAS, said applicants have agreed to create six (6) 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 $54,000 to 8-10 Yeoman Street, Inc and Cookies From Brooklyn; and
FURTHER RESOLVED, that that 8-10 Yeoman Street, Inc. and Cookies From Brooklyn will satisfy all local permits, approvals and appraisal where necessary, prior to the loan closing 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 3.25% (percent); and
FURTHER RESOLVED, that, at the time of closing, attorney closing fees will be deducted from the loan proceeds.
RESOLUTION VOTE, passed with Aye(7). Legislator Purtell abstained. Legislator Isabel was absent. (8/3/2021)
RESOLUTION VOTE, passed with Aye(7). Legislator Purtell abstained. Legislator Isabel was absent. (8/4/2021)
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 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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