AN ORDINANCE AUTHORIZING THE MAYOR AND FISCAL OFFICER TO EXECUTE A LOAN AGREEMENT FOR THE KILLBUCK RLF PROGRAM, AND DECLARING AN EMERGENCY
WHEREAS, Fringe Hair Lounge, LLC, with its principal place of business at 140 W. Front Street, Killbuck, Ohio, has applied to use funding from the Village of Killbuck Revolving Loan Fund (RLF) Program for construction and improvements of 140 W. Front Street, Killbuck for the operation of a beauty/hair salon to be operated at the real property, renovation of the real property, acquisition of machinery/capital equipment with direct ties to new employment, and site preparation costs, as set forth in the Revolving Loan Fund Application of Business (the “project”);
WHEREAS, the Killbuck Community Improvement Corporation (CIC) and the Council for the Village of Killbuck have approved the application for funding for the project; and
WHEREAS, in connection with the RLF Program, a Loan Agreement must be entered into between the Village of Killbuck and Fringe Hair Lounge, LLC and its guarantors.
NOW, THEREFORE, BE IT ORDAINED, by the Council of the Village of Killbuck, Holmes County, Ohio:
SECTION 1. Council hereby authorizes the Mayor and Fiscal Officer to sign the Loan Agreement for the Killbuck RLF Program on behalf of the Village of Killbuck. A copy of the Loan Agreement is attached hereto.
SECTION 2. This Ordinance is hereby declared to be an emergency measure, necessary for the immediate preservation of the public peace, health, or safety, for the reasons that the loan transaction which is the subject the Loan Agreement is scheduled to close on December 16, 2021, and this Ordinance is necessary to provide full authority for the Mayor and Fiscal Officer to sign the Agreement.
SECTION 3. It is hereby found and determined that all formal actions of this Council concerning and relating to the passage of this Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council that resulted in such formal action were in meetings open to the public in compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code.
Passed as emergency this 15th day of December, 2021.
SIGNATURES ON FILE