North State Grocery payment
A check arrived from North State Grocery (NSG) via FedEx on Friday, May 17, 2019 in the amount of $76,843. The accompanying correspondence indicates that this payment represents payment in full on the $190,000 note dated December 1, 2017.
The note stipulated a 12% default rate if not paid on the maturity date of February 1, 2018. The 12% rate was noted in the letter from BOCC to NSG dated April 15, 2019, in response to the audit confirmation request. However, a rate of only 2% has been paid for the full period on payment received.
Reductions in the original note amount of $190,000 were applied for sidewalks ($81,645) and asbestos ($33,692). Amendment No. 3 to Purchase and Sale Agreement, and Schedule 1, addresses responsibility for sidewalk damage and asbestos. No documentation has been provided to support the amount of these reductions.
The check is being held pending Commissioners' authorization to accept the amount of $76,843 as payment in full, based on reductions and inclusive of a 2% interest rate, as outlined above.