EDA Resolution 2017-001EDA RESOLUTION NO. 2017-001
RESOLUTION APPROVING A LOAN AGREEMENT
BETWEEN THE CITY OF MONTICELLO ECONOMIC
DEVELOPMENT AUTHORITY AND RUSTECH BREWING
COMPANY LLC
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority and Rustech Brewing Company LLC (the "Borrower") desire to enter
into a loan agreement (the "Loan Agreement') for a GMEF Loan to be used for the acquisition of
certain equipment to be used in connection with the construction and equipping of a microbrewery
and tap room in the City of Monticello (the "Equipment').
1.02. Pursuant to the Loan Agreement, the Authority will loan to the Borrower the sum of
$75,000 (the "Loan"), evidenced by a promissory note (the "Note"), a personal guaranty of William
F. Burt and Penny L. Burt (the "Guaranty"), and a Security Agreement (the "Security Agreement'),
to be executed and delivered to the Authority by the Borrower.
1.03. The terms of the Loan Agreement and Note shall conform to the Amended GMEF
Guidelines approved by the Authority on July 12, 2017, including a term of the loan of ten years,
and a fixed interest rate of 3.25%.
Section 2. Loan Agreement and Note Authorized.
2.01. The Authority hereby authorizes and directs Authority staff and consultants to
negotiate and prepare the Loan Agreement, the Note, the Security Agreement, and the Guaranty
as provided herein, and authorizes execution of the Loan Agreement and all documents prepared
in connection therewith, subject to modifications that do not alter the substance of the transaction
and that are approved by the President and Executive Director, provided that execution of the
Amendment by such officials shall be conclusive evidence of approval.
Approved this 12th day of July, 2017, by the Board of Commissioners of the City of Monticello
Economic Development Authority.
President
ATTEST:
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Exe tive Director
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