HomeMy WebLinkAboutRESOLUTIONS-2014-061-R-148/6/2014
61-R-14
A RESOLUTION
Authorizing the City Manager to Further Negotiate and Execute a
Loan Agreement with Davis Transportation, LLC to Fund the
Leasing of Commercial Vehicles
NOW BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS, THAT:
SECTION 1: Pursuant to the Agreement attached hereto as Exhibit A and
incorporated herein by reference, the City Manager is hereby authorized to execute a
loan not to exceed one hundred forty thousand dollars ($140,000.00) (the "Loan") from
the Economic Development Business Attraction and Expansion Fund by and between
the City and Davis Transportation, LLC, an Illinois limited liability company which shall
be outlined in more fully in a promissory note and secured by a personal guarantee
issued by Jared Davis for the full amount of the Loan.
SECTION 2: Interest on the Loan will be charged on unpaid principal until
the full amount of principal has been paid at a yearly rate of six percent (6.0%) payable
over a five (5) year (60 months) or coterminous with the vehicle lease terms, whichever
is less.
SECTION 3: The following public benefits will be incorporated into the
Loan agreement and made conditions to the full satisfaction of the Loan between the
parties: (a) Davis Transportation will create at least seven (7) new jobs and hire
Evanston residents for said positions by the end of the Loan term; (b) first priority
employment opportunities for Evanston residents who have successfully completed the
Commercial Drivers License (CDL) and Certification Training program provided in
61-R-14
partnership between the City of Evanston and Oakton Community College; (c) Davis
Transportation current and expanded fleet of vehicles will be registered with the
Secretary of State in the City of Evanston.
SECTION 4: The City Manager is hereby authorized and directed to
negotiate any additional conditions of the Loan and to execute loan documents which
are in keeping with this Resolution 61-R-14 as he may determine to be in the best
interests of the City.
SECTION 5: This resolution shall be in full force and effect from and after
its passage and approval in the manner provided by law.
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Elizdhieth B. Tisdahl, Mayor
Attest:
Rod yreene ity er
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Adopted: `(V I1 2014
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