20131381

Marietta Redevelopment Corporation (MRC) Loan Motion to approve loan from the City of Marietta to the Marietta Redevelopment Corporation consistent with the Forbearance Agreement and consistent with the terms detailed in the Memorandum of Understanding between the Bank of North Georgia, City of Marietta and Marietta Redevelopment Corporation. Further, to authorize the Mayor and City Clerk to sign attached Memorandum of Understanding with the incorporated terms detailed in the commitment letter. The document shall provide that the city of Marietta has no direct liability to Bank of North Georgia. Philip Goldstein owns stock jointly in Synovis. Philip Goldstein placed an order on 11-20-2013 to sell the stock he individually owned on 11-21-2013. Said company is the parent of Bank of North Ga. If the stock in Synovis owned jointly was sold, the amount attributable to Philip Goldstein from his ownership portion would continue to be under the State reporting requirement based on the stock price when checked on 11-21-2013. As I have reduced the value of what is owned, I am providing this for disclosure purposes even though it is not required and I am not prohibited from participating in the mater. 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.

Motion Adopted Introduced November 19, 2013

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