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Council authorizes city to be accommodation party on mortgage to secure $5 million loan for EB White building
Summary
The Ways & Means Committee authorized the mayor to execute documents allowing the city to be an accommodation party to a mortgage on 135 Meeting Street to secure a loan to the Carolina Arts Association for the EB White building at 141 Meeting Street.
The Ways & Means Committee authorized the mayor to execute documents allowing the city to be an accommodation party to a mortgage on 135 Meeting Street to secure a loan to the Carolina Arts Association for the purchase and exterior improvements to the EB White building at 141 Meeting Street.
Committee members were told the city will not sign the loan note and will not be obligated to repay or assume any debt of the Carolina Arts Association being secured by the mortgage. The authorization is required because 135 Meeting Street is city-owned property and an ordinance is needed to permit a mortgage to encumber city-owned land.
The committee’s staff explanation said Pinnacle…
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