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|May 10, 2018, City Council Regular Meeting|
19. Motion to Adopt Resolution Authorizing the City Manager to Release the Deed to Secure Debt and Security Agreement Associated with a $1,500,000 CDBG CHSA Development, Inc. Real Property Acquisition Loan
CHSA Development, Inc. has requested that the City of Savannah release the deed to secure debt and security agreement associated with a $1,500,000 CDBG loan made by the Mayor and Aldermen to CHSA Development, Inc. (CHSA) in December 2008.
This loan was used by CHSA to purchase three vacant properties along Gwinnett Street. The deed release will facilitate the completion of the redevelopment of Savannah Gardens. The promissory note will remain in effect. The released deed will be replaced by an agreement that requires CHSA to pay to the City of Savannah any net sale proceeds it receives as a result of the future sale of the property.
Martin Fretty, Director, Housing & Neighborhood Services Department, City of Savannah
The release is expected to facilitate the build out of Savannah Gardens which, in turn, will increase property tax revenue received by the City of Savannah.
SG Resolution to Release Security Deed.pdf