HomeMy WebLinkAboutRes 2012-02-04 Approving CDC Subordinate Loan with Image Vision.pdfCITY OF ANNA, TEXAS
RESOLUTION NO. 2012..02-04
A RESOLUTION OF THE CITY OF ANNA, TEXAS AUTHORIZING AND APPROVING
THE ANNA COMMUNITY DEVELOPMENT CORPORATION TO SUBORDINATE
THEIR LOAN WITH IMAGE VISION LABS TO SUPPORT EXPANDED BUSINESS
DEVELOPMENT
WHEREAS, the Board of Directors of the Anna Community Development Corporation
(the "CDC"), met at a duly noticed meeting on February 14, 2012 and determined that it
is in the best interests of the CDC to enter into a 1st Supplemental Amendment to Loan
Agreement and Promissory Note and Security Agreement (the "Amendment")
concerning subordination of security for revolving loan; and
WHEREAS, on February 14, 2012, the CDC adopted a resolution approving of the
Amendment and authorizing its execution subject to the approval by the City Council of
the City of Anna ("City Council"); and
WHEREAS, the City Council believes that providing the subordination to the loan is in
the CDC's best interest and will promote new and expanded business development in
the City;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS, THAT:
Section 1. Recitals Incorporated
The recitals set forth above are incorporated herein for all purposes as if set forth in full.
Section 2. Approval of Business Expansion Project
The City Council approves of the CDC entering into and executing the Amendment.
PASSED AND APPROVED by the City Council of the City of Anna, Texas this 14th day
of February, 2012.
ArrEST:
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RES 2012-02-04 CDC to Subordinate Loan -lma~IJ(»li6rEX j)..~~i 1 OF 1 02-14-12
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