Loading...
4.10 T � 4.10 FIRE&RESCUE\WGF EMS—Authorize Refinancing of Building Mortgage—6-21-2021 RESOLUTION AUTHORIZING WEST GLENS FALLS EMERGENCY SQUAD, INC. TO REFINANCE SQUAD BUILDING RESOLUTION NO.: 92021 INTRODUCED BY: WHO MOVED FOR ITS ADOPTION SECONDED BY: WHEREAS, the Town of Queensbury and the West Glens Falls Emergency Squad, Inc. (Squad) have entered into an Agreement for emergency services, which Agreement sets forth a number of terms and conditions including a condition that the Squad will not purchase or enter into any binding contract to purchase any piece of apparatus, equipment,vehicles,real property, or make any improvements that would require the Squad to acquire a loan or mortgage or use money placed in a"vehicles fund"without prior approval of the Queensbury Town Board, and WHEREAS, the Squad has advised the Town Board that it has an opportunity to refinance its mortgage at a lower interest rate, and WHEREAS, the Squad's current mortgage has a balance of approximately $680,520 at 3.50% with a term of 76 months remaining with an approximate monthly payment of$9,866.76 with Adirondack Trust Company, and WHEREAS, the proposed new mortgage/commercial loan financing of$700,000 is at an interest rate of 3.5% fixed for five (5) years and on each subsequent fifth year anniversary, the rate is to be reset to the prevailing Adirondack Trust Company Base Lending Rate thereby reducing the monthly payment to $5,004.18, assuming 180 month amortization remains L unchanged, such refinancing to occur with new money to be used for closing costs and/or working capital, and WHEREAS, the Town Board has determined that it is necessary, financially beneficial and in the public interest to authorize such refinancing, NOW,THEREFORE, BE IT RESOLVED, in accordance with §8(A) of the Town of Queensbury's Agreement with the West Glens Falls Emergency Squad, Inc. (Squad) for emergency services, that the Queensbury Town Board hereby authorizes the Squad's mortgage/commercial loan refinancing as generally set forth in the preambles of this Resolution, and BE IT FURTHER, RESOLVED, that the Town of Queensbury does not guarantee such debt with the financial institution on behalf of the Squad nor does the Town Board create or intend to create any assumption on the part of the Town of Queensbury of any obligation or liability for the financing, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, and/or Town Budget Officer to take any action necessary to effectuate all terns of this Resolution. Duly adopted this 21"day of June,2021 by the following vote: AYES NOES ABSENT: LOAN STATEMENT }T F ADIRONDACK Date: 5/27/21 TRUST COMPANY Loan Number: XXXXXX9590 Due Date: 6/11/21 473 Broadway,Saratoga Springs,NY'12866 Amount Due: $9,866.76 TCUSTOMER SERVICE: F ;� WEST GLENS FALLS EMERGENCY SQUAD, INC. ® 518-584-5844 86 LUZERNE RD 1-800-485-7899 ;a QUEENSBURY NY 12804-3327 www.adirondackwst.com Page 1 Loan Information Beginning Balance Ending Balance Interest Rate Interest Paid YTD $688,740.401 $680,519.981 3.50000%1 $10,353.24 P�rihcipal Due 'Interest Due Escrow/Late/Other Charges Due Past Amount Due $7,816.55 $2,050.21 ACTIVITY LATE/OTHER EFF.DATE DESCRIPTION PRINCIPAL INTEREST ESCROW CHARGES 5/10/21 REGULAR PAYMENT 8220. 42 2009. 62 . 00 .00 END OF STATEMENT LATE CHARGES WILL BE ASSESSED IF PAYMENT IS NOT RECEIVED WITHIN 10 DAYS AFTER DUE DATE. Please retain this portion for your records Please detach and return this portion with your payment ADIRONDACK Account Number Due Date J0 TRUST COMPANY XXWC9590 6/11/21 Si3 Smm-9.lmi R-'ANY 12.%6 LOAN PAYMENT Principal Due: $7,816.56 Interest Due: $2,050.21 WEST GLENS FALLS EMERGENCY SQUAD, INC. Escrow/Late/OtherChg Due: 86 LUZERNE RD Past Amount Due: QUEENSBURY NY 12804-3327 Total Amount Due: $9,866.76 Additional Principal$ Payment Amount Remit Payments to: The Adirondack Trust Company $ 473 Broadway Saratoga Springs,NY 12866 LN1134M2255NL05 - 4507 2nn 28841: 2895901Iii 20 r � i I i OO i i June 14, 2021 West Glens Falls Emergency Squad Daniel Silvey-Treasurer 86 Luzerne Rd. Queensbury NY 12804 Dear Mr Silvey, The Adirondack Trust Company has extended the original commitment letter dated September 21, 2020 with the following credit aeconunodation as outlined below: BORROWER: West Glens Falls Emergency Squad, Inc. AMOUNT: $760,000 PURPOSE: To refinance commercial mortgage#289590 in the amount of $745,487 and new money to be used for closing costs and/or working capital. RATE: 3.50%fixed for 5 years thereafter The Adirondack Trust Company Base Lending Rate (floating). The fixed rate will be"held" for 60 days;thereafter,the rate may be adjusted according to market changes. Interest is computed on the basis of 360-day calendar for the number of days the loan is outstanding (or in the billing period). COMMITMENT FEES: None PREPAYMENT PENALTY: 3% in years one through five if refinanced with another lender. 473 Broadway ADI RO N DACK (518)584-5844 Saratoga Springs,NY 12866 TRUST COMPANY AdirondackTrust.com t {f i i i MATURITY: 15 years REPAYMENT: Monthly principal and interest payments in an amount adequate to amortize the balance over 15 years. Monthly payment to be adjusted commencing with the 61A payment as The Adirondack Trust Company Base Lending Rate changes. i SECURITY: a) First consolidated mortgage on real estate and improvements situated at 86 Luzern Rd., Queensbury NY 12804. i { b) Assignment of rents on subject property j i c) First security interest in inventory, accounts receivable, furniture, fixtures and equipment(satisfied) I i GUARANTEES: None L PRE-CLOSING CONDITIONS: a) The bank will order, at your expense, an appraisal on the subject property evidencing a maximum loan to value of 70%. -- b) Satisfactory review of 2019 Audit for the Borrower. OTHER TERMS AND CONDITIONS: i a) For the life of the loan, provide the bank with the borrower's annual audit within 120 days of year end. f b) For the life of the loan, maintain property insurance on a"Special Form" (formerly known as"All Risk"). Included valuation on a Replacement Cost-Agreed Amount basis in amounts acceptable to the bank on real estate and improvements, naming the bank, ISAOA as first mortgagee. i c) The loan for which you have been approved may not be assumed unless you obtain 1 written approval from us. Any attempted transfer of any rights conferred by this loan is void, and you will remain liable for the payment under the loan. I i E I i . i i i I I i d) This commitment will be automatically terminated should any of the information on your application or any other material you have supplied us change or prove to be j inaccurate or misleading or should the value of the mortgaged property materially depreciate in value. If this commitment terminates under this paragraph, we will have no obligation to make the loan. I Please have your attorney submit the following to the law office of Bartlett Pontiff Stewart& Rhodes PC, One Washington St, Glens Falls,NY 12801: I. Preliminary title insurance policy 2. Survey certified to the bank, title company, and successors and assigns. 3. Franchise Tax and Real Property Tax Search 4. Last tax bill 5. Borrowing resolution and related documents authorizing all aspect of this transaction ' 6. Proof of conformance with local zoning laws. 7. Copies of existing leases for any portion of property to be mortgaged 8. Special Form Property Policy 9. Flood insurance. If this property falls within a flood designated area, we must receive an original flood insurance policy satisfactory to the bank or an application for such insurance, together with proof of payment of the first annual premium. It is a requirement that the bank and bank counsel review and approve all documentation at your expense prior to closing. Not every provision setting forth each and every obligation, requirement, limitation or condition to be contained in the loan documents can be set forth in this commitment letter. We reserve the right to include such provisions in the loan documentation as we and our attorneys deem appropriate to secure the subject loan. You will be expected to absorb all costs associated with the closing of this transaction, including the cost of all searches, filing and recording fees and the fees and disbursements of our attorneys in connection with the subject loan. The borrower shall execute the standard bank documentation including but not limited to a note, mortgage, security agreement and loan agreement which contains representations, warranties, covenants and conditions traditionally used by the bank. All terms and conditions of this commitment shall survive the loan closing and become i i I i 1 i r t part of the loan documentation. i I i i This commitment is not assignable and shall expire on August 14, 2021. This commitment may be accepted by signing and returning the enclosed to the undersigned by July 14, 2021. Please contact me at 584-5844 if you have any questions. I Thank you. Sincerely, Michael D. Murra y I Vice President i ACCEPTED: WEST GLENS FALLS EMERGENCY SQUAD, INC. BY: 1 Daniel Silvey-Treasurer Date j B Y: Date cc: Bartlett Pontiff Stewart& Rhodes PC Kelly Chadwick i I f 4! I i i i