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Newman City Council forgives $150,000 NURA loan after 100 East Washington sale
Summary
After a reported $125,000 sale of 100 East Washington, the Newman City Council voted to forgive a $150,000 outstanding loan owed by the Newnan Urban Redevelopment Authority (NURA) to allow the authority to continue its programs. The council directed staff to prepare an amendment to the intergovernmental agreement documenting the forgiveness.
The Newman City Council voted Oct. 28 to forgive $150,000 in outstanding loan obligations owed by the Newnan Urban Redevelopment Authority following the Sept. 30 closing on 100 East Washington.
The action followed a NURA update from a board representative, who said the property sold for $125,000 after an RFP process with three respondents and that the sale did not fully satisfy the authority's prior loan balance. "If the full 150 could be forgiven, that would be NURA's preference, but NURA will take whatever the council is willing to give it," a NURA representative said during the presentation.
Council discussion referenced NURA's ongoing programs and the authority's request that the remaining funds be made available to support operations. The council instructed legal staff to prepare the necessary amendment to the intergovernmental agreement documenting the forgiveness.
The motion to forgive the outstanding $150,000 was made and seconded and passed on a voice vote. The meeting record does not include a roll-call tally.
The council's action clears the reported remaining indebtedness associated with that property sale and directs staff to memorialize the change in the intergovernmental loan documents.
