At this time, Mr. Earl Pleasant has approached the City and requested that it consider a request to release certain security documents that were executed by Earl Pleasant and Margaret Pleasant.  More specifically, these documents were a Mortgage Deed, Promissory Note and a Restrictive Covenant.   This transaction was the result of the financial support extended to the Pleasants to construct an office plaza comprising approximately 3,938 square feet situated at 2701 President Barack Obama Highway (the “Property”).

The total cost to construct the building including predevelopment expenses, professional services and hard costs was $527,000.  To that end, a private loan was attained in the amount of $230,000 and the City granted the remaining $297,000.  In exchange for the grant award issued through a Mortgage Deed and Promissory Note, which stipulated a ten-year term, the Pleasants also agreed to a Restrictive Covenant on the Property. This transaction took place in February 2011, and at that time, the Mortgage Deed and Promissory Note, which stipulated a ten-year tem, became effective.  Still, the ten (10) year term for the Restrictive Covenant did not begin until July 2022, following issuance of the Notice of Occupancy.

The term of the Restrictive Covenant was for a period of ten years from the date of the issuance of the Certificate of Occupancy by the City for the project, which was July 16, 2012.  In addition, the Restrictive Covenant made additional requirements including the following: (1) that construction would serve to provide community benefits for the City, such as removing blight, fostering small business development, and creating jobs; (2) that they would operate a commercial or retail establishment on the property; and (3) that in the event they violate any terms of the Tri-Party Agreement or the Restrictive Covenant, the grant award would be repaid to the City.