HomeMy WebLinkAboutOrd 3320 03/15/1983 RDINANCE NO. 3320
AN ORDINANCE TO AMEND AN ORDINANCE ESTABLISHING A
BUSINESS REHABILITATION LOAN FUND AND STANDARDS AND
PROCEDURES IN CONNECTION THEREWITH
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 15th DAY OF March ,1983.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
16th day of March , 1983.
RDINA~E ~Oi 3320
AN ORDINANCE TO AMEND AN ORDINANCE ESTABLISHING
A BUSINESS REHABILITATION LOAN bUND AND STANDARDS
AND PROCEDURES IN CONNECTION THEREWITH
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BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OE THE
LAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION ONE: Villsge Ordinance No. 3060 entitled "An
inance Establishing A Business Rehabilitation Loan Fund and
ndards and Procedures in Connection Therewith" as amended by
inance No. 3218, is hereby further amended as follows:
A. By amending Paragraph B of SECTION SEVEN entitled
"Administration of Business Rehabilitation Loans and Business
Rehabilitation Loan Subsidy Fund" to change Subparagraph 1
thereof to read as follows:
That such Business Rehabilitation Loans shall be
payable over a period not to exceed ten (10) years,
shall not exceed the principal amount of $50,000 and
shall bear interest at the existing commercial mortgage
rate in effect at the time a Business Rehabilitation
Loan is approved by the Lending Institution. No loan
origination fee will be charged by the Lending
Institution, but the applicant shall be responsible for
payment of all loan administration fees including
therein the costs of obtaining the necessary title
commitment reports and credit reports.
B. By amending Paragraph B of SECTION SEVEN entitled
"Administration of.Business Rehabilitation Loans and
Rehabilitation Loan Subsidy Fund" to add a Subparagraph 4
thereof to rea'd as .follows:
"That the princfpal amount of-such Business
Rehabilitation loans may exceed $50,000 in special
cases, provided such loans are specifically authorized
by the corporate authorities of the Village. An
application for a Business Rehabilitation Loan shall be
considered to be a "special case" if either of the
following conditions are present:
Se
The building cannot be brought into compliahce with
all applicable Village Codes within the maximum
loan amount.
b. The loan is to be applied to the common elements of
a building consisting of four ('4) or more separate
establishments."
C. By amending SECTION SEVEN entitled "Administration of
Business Rehabilitation Loans and Business Rehabilitation
Loan Subsidy Fund" to add a Paragraph C thereof to read as
follows:
Ce
No more than $50,000 in Business Rehabilitation
Loans shall be approved for a single building
within any one year period except as may be
authorized by the corporate authorities of the
Village under SECTION SEVEN Paragraph B.4 of this
ordinance.
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SECTION TWO: This Ordinance
ect upon its passage, approval
in accordance with law.
shall be in full force and
and publication in pamphlet
ed this 15 day of
$: Arthur, Farley,
3: None
ENT: None
roved this 1--5 day of
March , 1983.
Floros, Muaruskis, Richardson, Wattenberg~
March , 1983.
est:
-
lage Clerk
Approved:
Villag~ President