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LEGAL DEPARTMENT MEMORANDUM <br /> No. 97-21 <br /> June 24, 1997 <br /> TO: Honorable Mayor and City Council Members <br /> FROM: James L. Williams, Jr., City Manager <br /> John W. Couter, Corporation Counsel <br /> RE: Mortgage Release; Industrial Revenue Bonds <br /> In 1982, the Council issued economic development revenue bonds to assist the <br /> development and construction of Decatur Plaza, 3600 US 36 East. As security for these bonds, <br /> the owner mortgaged the premises in favor of the City. In 1992, these bonds were re-financed, <br /> and the mortgage should have been released at that time. Inadvertently, it was not. The Council <br /> is now being asked to release this mortgage, as should have been done in 1992, in order to <br />, facilitate a sale of the property. <br /> Staff recommends approval of a Resolution authorizing said Release, as requested. <br /> JWC:ps <br /> cc: Wendy L. Morthland <br /> John T. Robinson <br />