Board approves addendum allowing property transfer under existing forgivable note for Minster Street project
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Summary
Supervisors approved an addendum to a previously executed forgivable promissory note so one property owner can transfer land to NeighborWorks for a three‑parcel redevelopment without jeopardizing the forgivable loan terms.
The board unanimously approved an addendum to a previously executed forgivable promissory note concerning a Minster Street property development. County attorney staff explained the addendum allows the property owner to transfer their parcel to NeighborWorks so the site can be reconfigured into three parcels rather than two, while preserving the terms of the original forgivable loan agreement.
Staff said the change was anticipated in earlier conversations but had not been formalized in the original agreement. Under the addendum, the ownership structure can change during the development process with the understanding that one completed house would be returned to the original owner when construction is finished, consistent with the original intent of the forgivable loan.
The board approved the motion to accept the addendum by voice vote; no supervisor requested further amendments. Staff confirmed the addendum will be filed with the county records related to the original Forgivable Promissory Note Agreement.