The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #11-167
Approving Revolving Loan Agreement, Mortgage and Promissory Note
with Rod and Sara Hanssen, Re: Improvements to property located
at 301 East 1st Street, Monticello, Iowa.
WHEREAS, The City of Monticello has maintained a revolving loan fund for purposes of assisting downtown area businesses in renovating/improving their building/businesses as set out and approved by Resolution 04-160, the “Downtown Rehabilitation Loan Program”, and
WHEREAS, Rod and Sara Hanssen own property located at 301 E. 1st Street, Monticello, Iowa and has/will incur expense related to exterior building repairs, window related repairs, and lighting updates, and
WHEREAS, The expenditures related to the improvements to said building qualify for the City’s 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 not to exceed $10,000.
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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 Rod and Sara Hansen in the amount of not to exceed $10,000 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 November, 2011.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk