December 11, 2018Asheville City Council
From the minutes, not yet reviewedCouncil changes the terms of the loan as set forth in Exhibits An and B.
Council voted to change the terms of the loan as set forth in Exhibits An and B. It also disburses the remaining funds to EMP Commercial, LLC and EMSDC for commercial and retail space in the development known as Eagle Market Place, to amend the Promissory Note dated February 2, 2017, to reflect the same terms as the loan on the remaining funds, and to agree to such other terms and execute such other documents as necessary and in accordance with the intent set forth herein.
- Passed. Everyone present voted yes.
- The money, in the minutes' words: “In 2013, City Council adopted a resolution approving a Section 108 Loan in the amount of $718,000 for the EMSDC for commercial office and retail space on the Block.”
More from the minutes
- “EMP Commercial, LLC was created by Eagle-Market Street Development Corporation (EMSDC) in 2018 when the development was declared a condominium, separating units into residential and commercial use.”
- “EMP Commercial, LLC now owns the commercial unit at issue.”
Official title: Council authorized the City Manager to modify the terms of the loan as set forth in Exhibits A and B and disburse the remaining funds to EMP Commercial, LLC and EMSDC for commercial and retail space in the development known as Eagle Market Place, to amend the Promissory Note dated February 2, 2017, to reflect the same terms as the loan on the remaining funds, and to agree to such other terms and execute such other documents as necessary and in accordance with the intent set forth herein
Carried unanimously
From the minutes: This motion was seconded by Councilwoman Mayfield and carried unanimously.
Read the motion as recorded
“Vice-Mayor Wisler moved to authorize the City Manager to modify the terms of the loan as set forth in Exhibits A and B and disburse the remaining funds to EMP Commercial, LLC and EMSDC for commercial and retail space in the development known as Eagle Market Place, to amend the Promissory Note dated February 2, 2017, to reflect the same terms as the loan on the remaining funds, and to agree to such other terms and execute such other documents as necessary and in accordance with the intent set forth herein.”
Open the minutesMotion text in the minutes