MARIETTA Bank of North Georgia has asked the city to guarantee 18 months worth of interest payments, totaling $225,000, on a loan that was given to the Marietta Redevelopment Corp. in 2006.
to help spur redevelopment.
The MRC is a tax exempt organization formed by the City Council. The city gave the MRC $2.1 million in 2006, which it used to secure a $4.2 million loan from Bank of North Georgia to buy property along Powder Springs Street, off West Dixie Avenue and Hedges St. across from the Hilton Marietta Conference Center.
The bank's request comes just as the city is gearing up to ask residents to vote on a new $68 million bond, the proceeds of which would also be spent on buying up aging apartment complexes Nike Air Max Tavas Grey White
The group spent $4 million to purchase about 8 acres of vacant lots and properties with aging homes.
once again, the $225,000 would be structured as a mortgage loan that the city would hold.
Tumlin said if the council agrees to support the Air Max 2015 For Men
Mayor Steve Tumlin, who is reluctant to take such a step, said the City Council will discuss options at its Monday meeting.
"Well, if you got the cards I guess you play them," Councilman Grif Chalfant, who serves Nike Air Max Thea Desert Camo on the MRC board, said of the bank. "He's playing the cards. He's playing hardball, there's no doubt about that," Chalfant said, referring to Bank of North Georgia President and former Cobb Chamber of Commerce Chairman Rob Garcia.
Bank to Marietta Take responsibility for 06 loan
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