DEPARTMENT
Community Development
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval by the Board of Commissioners authorizing the Chairman or the County Manager to execute a cancellation and release of a Deed to Secure Debt and any other security documents given to the County by The Christian City, Inc., to secure a loan that matured in January 2021; after preparation, review and approval as to form by the County Attorney. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Pursuant to O.C.G.A. ? 36-5.22.1(a)(1), the Board of Commissioners has original and exclusive jurisdiction over the directing and controlling of all property of the County. See O.C.G.A. ? 44-14-3, which requires a lender to deliver a cancellation of security instruments within 60 days of a loan's maturity.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Health and Human Services
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
In 2005, Fulton County (the "County"), as lender, on behalf of its Department of Community Development, entered into a forgivable loan agreement with The Christian City, Inc. ("CCI"), as borrower, under which according to the loan agreement the County loaned CCI $1,000,000 towards the construction of two residential group homes for children, an administrative building, and parking and recreational facilities. The loan was made as part of the US Department of Housing and Urban Development's ("HUD") HOME program. Under the program, principal and interest was deferred for 15 years, until loan maturity, a...
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