The loan agreement between the city and the owners of the Morris Holiday Inn Express has been amended to accommodate new owners.
In 2008, the Morris Hotel Group received a Community Development Assistance Program loan from the city of Morris. That group was the owner and operator of the Holiday Inn Express at the time, said City Attorney Scott Belt to the council Monday.
“The ownership of the property, without notice to the city, transferred out of the Hotel Group to a new (owner), Gore Road Morris LLC,” said Belt.
The ownership change requires new documentation to allow the loan to be reassigned to the new company. The city council approved this unanimously, pending the new company reimburses the city for its attorney fees and costs.
The original loan was for $300,000, said Mayor Richard Kopczick after the meeting. The principal balance on the loan is $176,500.
In other business, the council also approved its annual contractual agreement with William Crawford for the city’s annual audit for fiscal year 2012-2013.