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Council ratifies emergency tax payment to protect city's security interest in North Point/Eagle Theater loan
Summary
Council ratified a previously made emergency payment (approximately $96,000 outstanding on the city loan) to protect the city's security interest in the North Point/Eagle Theater redevelopment loan while the property remains in bankruptcy; staff said the payment prevented a tax sale that would have vacated the city's lien.
City staff asked the council to ratify an emergency payment of real estate taxes to preserve the city's security interest in property tied to redevelopment of the North Point/Eagle Theater. According to staff, the city had previously provided subsidies and a revolving loan to support…
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