HomeMy WebLinkAbout2016-190 (Concept of Amending Loan Agreement with Mavack, VisaTek) RESOLUTION 2016— 190
A RESOLUTION APPROVING THE CONCEPT OF AMENDING A
LOAN AGREEMENT WITH
MAVACK, LLC (dba VistaTek)
WHEREAS, the City of Stillwater and MAVACK, LLC (dba VistaTek) have entered
into a Loan Agreement dated February 19, 2013 to provide financial assistance to relocate
VistaTek to the industrial property at 1850 Greeley Street, and
WHEREAS, MAVACK, LLC desires to sell the real estate to a third party and lease it
back for fifteen years in order to raise capital to fund production of a new product line, and
WHEREAS,the Loan Agreement must therefore be amended to reflect the change in
real estate ownership.
NOW, THEREFORE, BE IS RESOLVED, THAT THE Stillwater City Council hereby
approves the concept of amending the loan agreement with the actual loan agreement to be
approved at a future meeting.
CITY OF STILLWATER
onf?7).
Ted Kozlowski, Mayor
ATTEST:
Diane F. Ward, Clerk