North State Grocers update
a) Status of the $190,000 promissory note currently in default;
b) Clarification on the terms of interfund loan agreement BR 2018-0202 regarding "any net gain realized from the sale of the real property" to be deposited in the Economic Development fund. Does that include interest on the loan payments from North State Grocers? Does each dollar of principal go first to Economic Development as gain, or in proportion to the net gain on the entire principal amount due, as principal dollars are received?