HomeMy WebLinkAbout1987-162-04.13.1987 RESOLUTION NO. 1987-162
RESOLUTION APPROVING PROMISSORY NOTE WITH THE WATERLOO
INDUSTRIAL DEVELOPMENT ASSOCIATION TO ACCOMMODATE THE
CITY OF WATERLOO IN REPAYING A $27 , 500 LOAN GUARANTEE
USED TO DEMOLISH THE FORMER ELLIS HOTEL.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, that the Agreement by and between the City of Waterloo and
the Waterloo Industrial Development Association for the repayment
of the $27 , 500 loan guarantee for money used to demolish the
former Ellis Hotel thus allowing the removal of the second
mortgage on said property by the Waterloo Industrial Development
Association and transferring the promissory note to the City of
Waterloo, be and the same hereby approved.
PASSED AND ADOPTED this 13th day of April, 1987 .
Bernard L. M inley, Mayor
ATTEST: ,='
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Larry P. Burger, City Clerk/Auditor
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