Business Realty Investment Co. v. City of Birmingham

ROBERTSON, Presiding Judge.

In 1989, Business Realty Investment Company, Inc. (“BRIC”), and its president, Rick Bentley, entered into an agreement with the City of Birmingham (“the City”) providing that the City would loan BRIC $320,000 to develop a Birmingham subdivision (“Westhaven”). The City secured the loan by a mortgage on the West-haven property. On November 12, 1997, Bentley and BRIC sued the City, seeking a temporary restraining order to prevent the City from foreclosing on the Westha-ven property. The trial court denied the request for the restraining order and the City held a…