The City of Monticello, Iowa

IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA

RESOLUTION #10-133

Approving Revolving Loan Agreement, Mortgage and Promissory Note with Cheryl Dirks Re: Improvements to property located at

408 E. Oak Street, Monticello, Iowa.

WHEREAS, The City of Monticello has maintained a revolving loan fund for purposes of assisting downtown and commercial businesses in renovating/improving their building/businesses, and

WHEREAS, Cheryl Dirks is acquiring property located at 408 E. Oak Street, Monticello, IA, same presently used for Residential purposes but zoned Commercial according to the zoning ordinances of the City of Monticello, and plans substantial improvements and renovations to the property, and

WHEREAS, The expenditures related to the improvements to said building qualify for the Revolving Loan program, and

WHEREAS, The City has the necessary funds in the Downtown Rehabilitation Fund to award a loan to the Applicant in the amount of $15,000.00, and

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 Cheryl Dirks in the amount of $15,000.00 at 0% interest over five (5) years, same being wholly consistent with the past practices of the City, the new loan to be memorialized within a promissory note, mortgage, and individual guaranty of the owner.

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 1st day of November, 2010.

Don “Ho” Miyagawa, Mayor

Attest:

Sally Hinrichsen, Monticello City Clerk