The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #15-85
Approving Revolving Loan Agreement between City of Monticello and Frank and Peg Mere Re: Parking Lot Improvements to property located
at 107 E. Grand Street, Monticello, Iowa.
WHEREAS, The City of Monticello has maintained a revolving loan fund for purposes of assisting downtown property owners with various property improvements as set out and approved by Resolution 04-160, the “Downtown Rehabilitation Loan Program”, and
WHEREAS, Frank and Peg Mere own property located at 107 E. Grand Street, Monticello, Iowa and has/will incur expense related to the paving of the parking lot near the rear of the building which abuts S. Cedar Street, and
WHEREAS, The expenditures related to the improvements to said building qualify for the City’s Revolving Loan program and will be of benefit to the downtown parking lot / alleyway project, and
WHEREAS, The City has the necessary funds in the Downtown Rehabilitation Fund to award a loan to the Applicant in the estimated amount of $4,500.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby endorse and approve of the entry into a Revolving Loan Agreement between the City of Monticello and Frank and Peg Mere in the estimated amount of $4,500 at 0% interest over five (5) years, same being wholly consistent with the past practices of the City, same to be memorialized within a promissory note, mortgage, and individual guaranty of the owners.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 21st day of September, 2015.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk