Laserfiche WebLink
cam. <br />f7 <br />eanaih <br />515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / PAX: (651) 766 -4048 <br />www.ci.little-canada.inn.us <br />1\41('IM.CD NiDIJIV( <br />MAYOR <br />13111 lilesener <br />COUNCIL <br />Rick Montour <br />John Kcis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. 1 Janson <br />TO: Mayor Mesener & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 18, 2011 <br />RE: First Amendment to Construction Loan Agreement with Graba Properties, LLC <br />-fhe City has entered into numerous documents with Graba Properties, LLC relative to the loan we made <br />them to complete build -outs at their property. As we are completing the payouts to contractors, staff <br />noticed that the Construction Loan Agreement authorized the correct amount of the loan ($262,143.48) <br />but appeared to require $100,000 of that amount be specifically for the build -out of space for Neatoscan, <br />Given the nature of this project, that amount is too high for the Neatoscan space and was not the intent <br />of the modifications the City entered into this year. As a result, staff asked the City Attorney to revise <br />the Construction Loan Agreement to reflect that we did not have to specifically allocated $100,000 of <br />the build -out costs to the Neatoscan space. Attached is the First Amendment to the Construction Loan <br />Agreement that accomplishes that objective. <br />No other modifications are needed for the other loan documents. By adopted this amendment, we <br />ensure that we have complied with the terns of the loan relative to the disbursement of funds. It should <br />be noted that Graba Properties did not request this change. Rattier, staff feels it needs to be executed to <br />fulfill the original intent of our loan program. As a result, staff recommends approval as presented. <br />cc: Robert Wagner <br />Andy Lteitke <br />1 <br />