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Key Bank Parking Lot Purchase – Capital Grants Project Cp-6545 Funding Statement and Resolution

↑Meetings/Documents/res::14-2015::2015-09-17::_09172015-306
Inline resolution2015-09-17#14-2015
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KEY BANK PARKING LOT PURCHASE – CAPITAL GRANTS PROJECT CP-6545 FUNDING STATEMENT AND RESOLUTION

Resolution #14-2015 — 2015-09-17

WHEREAS

  • the Village of Red Hook has been awarded the capital project grant for $125,000 from NY state sources which is a 100% re-imbursement type grant;
  • the required paperwork has been filed by the Village of Red Hook with NYS Dormitory Authority (DASNY), the governing agency/funding source, and we await word to proceed with the closing by DASNY;
  • the Property Sales Agreement with Key Bank has been extended to October 10, 2015 with the sales price of $60,000;
  • DASNY is processing the paperwork and confirms that the Village of Red Hook has complied with requirements but that the calendar schedule for their reviews will take us past the October 10, 2015 contractual deadline;
  • there is a need to close on the property purchase without further extensions and reduce the impact on the General Fund by exercising the line of credit for the $60,000, less $5000 down payment, by the village and await reimbursement by the grantor;
  • Salisbury Bank has a line of credit and offers that to the Village of Red Hook at 1.35% interest;

RESOLVED

  • the village Mayor can exercise the line of credit up to the amount of the purchase contract, if needed, and set the closing for a date prior to 10/10/2015.