On Tuesday's Item 9; "A loan to the International Civil Rights Center and Museum" and Carolina Bank

9. Ordinance in the amount of $350,000 amending the General Fund, the Technical Services Fund, and the General Capital Improvements Fund for a loan to the International Civil Rights Center and Museum.

The Sit in Movement doesn't own the property.

The Sit in Movement has a Sub-Lease agreement with Civil Rights Museum, LLC;

The Carolina Bank loan is guaranteed by the Sit in Movement, which doesn't own the property.



http://www.greensboro-nc.gov/Modules/ShowDocument.aspx?documentid=15233

If the Carolina Bank loan is guaranteed by a first lien on "notes receivable", why doesn't Carolina Bank foreclose on the Sit in Movement, thereby taking over the museum tax credits, which would rid the project of Skip and Earl and keep it local?
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Looks like the City of Greensboro is going to give the museum $350,000 before the audit;

If City Council gives $3560,000 before the audit, they will have violated their fiduciary responsibilities to Greensboro taxpayers.

Other stuff;

Looks like the US Bank loan is also guaranteed by the Sit in Movement, and not the property;

Who gets the payments from 2019 to 2044?

Could Skip and Earl extract salaries as officers of the Sit in Movement, if the city bails them out?
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What happened to the $4,500,000 = $1,160,000 = $5,660,000?

Feels like this deal keeps Skip and friends in the money.