HomeMy WebLinkAboutAgenda CC 04.12.1994r �
Council meetingate: April 12 1994 Item No.
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AGENDA ITEM COVER SHEET �f ,
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SUBJECT
Approval of an amendment to the Loan Agreement with Poly Resource Recycling, Inc.
concerning substitution for collateral and approving a release of the deed of trust on the property located
at Lot No. 355 in Lakeway, Section Three (3), a subdivision of Travis County, Texas.
ITEM SUMMARY Poly Resource Recycling, Inc. (PR) has requested a substitution of collateral for
its loan from the City. The City currently holds a deed of trust on a residential property. PR has
offered to substitute a certificate of deposit for the full amount of the loan. The City will need to
execute a release of the lien on the Lakeway property. In addition, PR will need to bring all loan
payments current prior to the release being executed, and formal approval of all documents must be
received from TDHCA.
SPECIAL CONSIDERATIONS
FINANCIAL IMPACT
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COMMENTS (from City Attorney, staff, boards and commissions) ��
ATTACHMENTS (list individually)
1. Proposed Agreement will be available on the dias Tuesday evening.
Submitted By:
Marianne Landers Banks, City Attorney