Marietta Redevelopment Corporation Motion to submit the following proposal to the Marietta Redevelopment Corporation (MRC) and the Bank of North Georgia (BNG) for consideration: In the event BNG agrees to renew the MRC loan, the City of Marietta (city) would make a loan to the MRC upon the following terms and conditions: 1. The city loan would make monthly payments to the MRC to cover the first four months of interest only payments due by MRC to BNG upon loan renewal. 2. Commencing the fifth month, the MRC would make interest only payments to BNG using the current MRC restricted funds on deposit with BNG. 3. Thereafter, for the last twenty months, the city would fund interest only payments to the MRC to carry the loan through forty-two months of interest only. 4. Collateral for the city loan to the MRC would be a second mortgage on all MRC property and the loan would also include all previous amounts funded by the city to the MRC ($2. 1M). 5. BNG would agree to release any property sought to be purchased by the city at fair market value 6. BNG would agree to all of the above terms and conditions and renew the loan to MRC. 7. The above scenario would have to be approved by the MRC Board of Directors. 8. The city would have no direct liability to BNG for principal, interest or any other matters. 9. The source of city funds would be from the city reserve account. Philip Goldstein previously disclosed that he owns stock individually as well as jointly in Synovis. Said company is the parent of Bank of North Ga. If all stock in Synovis (as of the 7-1-2013 investment statement) owned individually or jointly were sold, the amount attributable to him from his ownership portion would be approximately $3,964.93 based on the stock price when checked on 10-8-2013. While it is under the reporting requirement, he elects to not participate on this issue at this time and abstain on any action relating to this issue. Haynie, Litchfield, Crane & White, PC, from time to time, but not in this matter, has performed real estate closings for or with client for Bank of North Georgia. Mayor Tumlin is a Board member of the MRC and is a member of the governing body that appoints the Board Members of the MRC. The Law Firm, Smith, Tumlin, McCurley & Patrick, PC, of which Tumlin is a non owner associate, from time to time, but not in this matter, has performed real estate closings for or with client for Bank of North Georgia.

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Marietta Redevelopment Corporation also holds

Forbearance Agreement Motion or motions related to any other matter or matters regarding the Forbearance Agreement among the City of Marietta, the Ban… Marietta, GA Forbearance Agreement Motion to approve Forbearance Agreement among the Marietta Redevelopment Corporation, the Bank of North Georgia and the City of … Marietta, GA Loan from City of Marietta to MRC Motion to approve loan from the City of Marietta to the Marietta Redevelopment Corporation consistent with the terms… Marietta, GA Marietta Redevelopment Corporation (MRC) Loan Motion to approve loan from the City of Marietta to the Marietta Redevelopment Corporation consistent wi… Marietta, GA Marietta Redevelopment Corporation (MRC) Loan Motion to approve loan from the City of Marietta to the Marietta Redevelopment Corporation consistent wi… Marietta, GA

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Committee

CITY COUNCIL AGENDA WORK SESSION

Requested by

City Manager

Introduced

November 6, 2013

Passed

November 13, 2013