07/09/2019 Resolutions 2019-211i
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RESOLUTION 2019-211
WHEREAS, the City of Grand Island ("City") and Downtown Business
Improvement District (`BID") entered into a Downtown Revitalization Fund Forgivable Loan
Agreement (the "Agreement") with The Chocolate Bar, Inc. whereby the City holds a
promissory note secured by a Deed of Trust on certain real estate of The Chocolate Bar, Inc. and
FAmous Construction, Inc.; and
WHEREAS, the Agreement and promissory note provide for annual reduction of
principal due over five annual periods contingent upon continued operation of the Chocolate Bar
restaurant; and
WHEREAS, The Chocolate Bar, Inc., desires to sell its business assets to EPS,
June, Co., a Nebraska corporation, and requests that the City and BID consent to such sale; and
WHEREAS, BID granted consent to the proposed sale: and
WHEREAS, EPS, June, Co., executed a guarantee of the above-mentioned
promissory note in order to assure City and BID of the continued operation of a restaurant at the
location of the Chocolate Bar restaurant.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, the sale of the business assets of The
Chocolate Bar, Inc, and of Sharena D. Anson to EPS, June, Co. and the Guaranty of Promissory
Note executed on behalf of EPS, June, Co. are hereby each approved.
Adopted by the City Council of the City of Grand Island, Nebraska, July 9, 2019.
Attest:
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RaNae Edwards, City Clerk
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Ro r G. Steele, Mayor
Approved as to Form tt
July S, 2019 tt A rney