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TO AUTHORIZE THE MAYOR TO EXECUTE SUBORDINATION AGREEMENTS AS REQUESTED BY HEARTLAND BANK FOR REFINANCING OF LOAN ON PROPERTY KNOWN AS CENTRAL PARK OF GAHANNA BY VALUE RECOVERY GROUP II, LLC.
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WHEREAS, Value Recovery Group II, LLC (VRG), has refinanced their loan with Eaton National Bank with the new lender Heartland Bank and the City has been requested to execute Subordination Agreements; and
WHEREAS, the City’s original Mortgage and Promissory Note in the amount of $290,038.64 has been paid and reduced to an outstanding balance of $148,711.96; and
WHEREAS, the Agreements are needed to properly secure the City's position for reimbursement for investment in the Tech Center Drive Extension; and
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to sign the Subordination Agreements for Value Recovery Group II, LLC, for the property known as Central Park of Gahanna, said agreements attached hereto as EXHIBIT A, and made a part herein.
Section 2. That this Ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.