HomeMy WebLinkAbout2000-107-02.28.2000 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2000-107
RESOLUTION APPROVING AND AUTHORIZING LOAN
AGREEMENT BETWEEN MAIN STREET WATERLOO,
ECONOMIC DEVELOPMENT ADMINISTRATION AND
COMMUNITY NATIONAL BANK.
WHEREAS, with regardto Waterloo real estate known locally as
210-212-214 East 4 Street (Parcel A) and 216-218 East 4th Street
(Parcel B) , Main Street as Landlord/Seller and Gilmor & Doyle, LTD.
(G & D) , their heirs successors and assigns, as Tenant/Buyer, have
executed four separate written agreements on the 10th day of
November, 1999, entitled as follows:
1 . Lease-Business Property
2 . Addendum to Lease Business Property
3. Lease Agreement
4 . Options to Purchase and Property Management Agreement
and,
WHEREAS, copies of said agreements have been provided to the
City Council for inspection and review; and that said agreements
pertain to financing the renovation and development of said
properties, and the long term management, occupancy and ownership
of said properties; and
WHEREAS, as said development project moves toward completion
of initial renovations and commencement of occupancy of said
properties, the final closing of the various agreements between
Main Street and G & D requires City Council approval of substantial
aspects of the development transaction, including the granting of
necessary mortgage encumbrances against said properties .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the granting of encumbrances against Property
A to United States Economic Development Administration for a
mortgage loan of approximately $275, 035. 00, and to Community
National Bank for a mortgage loan of approximately $321, 000. 00,
with the City of Waterloo being in no way obligated or indebted
under said mortgage loans, and that the long term lease with an
option to purchase as previously agreed upon between Main Street
and G & D with regard to Property A, be and the same are hereby
approved.
PASSED AND ADOPTED this 28th day of February, 2000.
Jo R. .off, Mayor//
ATTEST:
UC-c;f-
Nancy Ecke t, City Clerk