HomeMy WebLinkAbout063-96 ~"" ' RESOLUTION NO. 63-96
AUTHORIZING THE TOWN MANAGER TO EXECUTE A LOAN AGREEMENT AND
PROMISSORY NOTE FOR A $93,000 LOAN TO VALLEY PARENT PRESCHOOL FROM THE
CHILD CARE FUND
WHEREAS, Danville Ordinance No. 89-2 establishes a mechanism whereby the Town of Danville can
encourage and support the establishment and maintenance of high quality child care services in
Danville; and
WHEREAS, pursuant to such Ordinance, the Town of Danville has received a request from Valley
Parent Preschool for financial assistance for their move from St Timothy's Church (their home ibr
30___ years off of Diablo Road) to the residence at 935 Camino Ramon (which they have purchased
and are currently converting for use as a child care facility); and
WHERFAS, the proposed use of the loan would be to cover the shortfall of funds necessary to make
physical improvements to the new facility and to retire the second mortgage between Valley Parent
Preschool and the seller of the property; and
WHERF~S, Valley Parent Preschool occupies a special niche as regards the range of child care
providers, being the only non-profit, parent cooperative preschool in the Danville area; and
WHEREAS, by assuming responsibility for the secondary loan, the Town will be placed in second
position on the improved, renovated property; now, therefore, be it
RESOLVED, that the Danville Town Council hereby authorizes a $93,000 loan to Valley Parent
Preschool from the Child Care Fund to cover the shortfall in renovation costs and to refinance the
existing second mortgage; and be it further
RESOLVED, that the Danville Town Council authorizes the City Attorney to prepare and the Town
Manager to execute a loan agreement and promissory note for such a loan, with the term of the loan
running through December, 2002, and with the terms of the agreement serving to establish
performance criteria for Valley Parent Preschool that would potentially allow said loan to become
an interest free loan.
APPROVED by the Danville Town Council at a Regular Meeting held on May 7, 1996, by the
following vote:
AYES:
NOES:
ABSTAIN: Arnerich
ABSENT: None
Greenberg, Shimansky, Doyle, Waldo
None
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK
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