Laserfiche WebLink
<br />AGREEMENT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br /> <br /> <br />11.J. US-N <br />TILITIES ERVICES ONE <br /> <br />12. COUNTY ATTORNEY <br />A. RAREIII,LLC <br />EQUEST FROM DRIAN EAL STATE NVESTMENTS FOR <br />MNMI <br />ODIFICATION TO OTE AND ORTGAGE FOR NFRASTRUCTURE FOR <br />IRPC <br />THE NDIAN IVER ARK OF OMMERCE <br /> <br />Assistant County Attorney William DeBraal recapped prior actions taken on this matter which <br />included a $1.5 million loan to Adrian Real Estate Investments II, LLC, approved by the Board in May <br />2006 for use on infrastructure installation. Adrian has now offered to include two (2) other properties in <br />what they would call a “spreader mortgage”. The downside for the County is we would take third <br />position and on the upside there is a much larger land value involved. Attorney DeBraal restated the <br />recommendation, which is to consider Adrian’s proposed new spreader mortgage (as outline in the <br />memorandum of September 27, 2006) and keep the existing mortgage in place and unchanged. <br /> <br />Administrator Baird expressed, for the record, that “staff does not recommend doing this.” <br /> <br />Brian May <br />, Chief Operating Officer with Adrian Development Group, clarified certain things <br />for the record. He said the County is in third position behind $11 million of debt and what occurred at <br />their end was a mistake on their bank’s (Ocean Bank’s) part, which he explained. He wanted to offer an <br />amendment/revision to their request which would involve two aspects: (1) they are willing to reduce the <br />term from ten (10) years to six (6) years; and (2) they are also willing to convert this loan from an interest <br />free loan (currently) to a 5% interest rate on any portion that is outstanding. So in exchange for the <br />October 3, 2006 <br />66 <br /> <br />