HomeMy Public PortalAbout1985_06_26_R096The Town of Leesburg in Virginia
PRESENTED June 26, 1985
RESOLUTION NO. 85-96 ADOPTED June 26~ 1985
A RESOLUTION: AUTHORIZING THE TOWN ATTORNEY TO SUBORDINATE THE THIRD DEED OF
TRUST ON THE McKIMMEY PROPERTY
WHEREAS, the Town received a 1.35 million dollar Community Development Block
Grant to improve the South Harrison Street neighborhood; and
WHEREAS, the relocation of the McKimmey business was an essential part of
the execution of the South Harrision Street plan; and
WHEREAS, the Town contributed $40,000 in CDBG funds for this relocation
and accepted a five-year third deed of trust to insure the establishment of
this business for five years; and
WHEREAS, McKimmey wishes to increase his deed of trust; and
WHEREAS, the Town Attorney advises said subordination will not materially
increase the town's exposure with respect to recovery of funds if McKimmey
relocates within the next three years:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
The Town Attorney is directed to subordinate the third deed of trust on
the McKimmey property to the Sovran Bank.
PASSED this 26th day of June
ATTE ST:
Clerk of Co~cil
subord
Town of Leesburg