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Council authorizes partial release of lease assignment to clear 609 Main Street sale
Summary
Council authorized the City Manager to sign a Partial Release of Assignment of Leases and Rents for the Retail Store Unit at 609 Main Street so the seller (BEDC) can clear title and complete the sale; the BEDC will repay the city according to the sale agreement.
The City Council authorized City Manager Kirk Beattie to execute a Partial Release of the city's Collateral Assignment of Rents and Leases for the Retail Store Unit at 609 Main Street to permit closing of a sale.
Manager Beattie explained the collateral assignment was one of the city's loan-security methods; the Belknap Economic Development Council (BEDC) is selling the retail unit and, upon sale, will pay back the city. Council discussed whether the storefronts would be part of the homeowners' association and asked staff to ensure buyers understand obligations.
The motion passed with five in favor; Councilor Soucy was not in the room for the recorded vote.
