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MINUTES <br />CITY COUNCIL <br />NOVEMBER 21, 2011 <br />AMENDMENT <br />TO GRABA <br />PROPERTIES <br />CONSTRUCTION <br />LOAN <br />AGREEMENT <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -11 -232 — APPROVING THE LODGE AT LITTLE <br />CANADA MASTER SUBORDINATION AGREEMENT AND ESTOPPEL <br />CERTIFICATE SUBJECT TO REVIEW, REVISION, AND APPROVAL OF <br />MARY IPPEL OF BRIGGS AND MORGAN, AND AUTHORIZING THE <br />MAYOR AND CITY ADMINISTRATOR TO EXECUTE THESE <br />DOCUMENTS ON BEHALF OF THE CITY <br />The foregoing resolution was duly seconded by Boss. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />Boss introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -11 -233 — ADJOURNING AS THE ECONOMIC <br />DEVELOPMENT AUTHORITY AND RECONVENING THE REGULAR <br />CITY COUNCIL MEETING <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />The City Administrator reported in processing numerous documents with <br />Graba properties relative to the loan the City made them to complete build -outs <br />at their property, City staff noted that while the Construction Loan Agreement <br />authorized the correct loan amount ($262,143.48), it required $100,000 of that <br />amount specifically for the building -out of the Neatoscan space. The <br />Administrator indicated that given the nature of this project, that amount is too <br />high for the Neatoscan space and was it was not intended that $100,000 be <br />allocated solely to that particular build -out. The City Administrator reported <br />that the City Attorney has prepared a First Amendment to the Construction Loan <br />Agreement which modifies this provision. The Administrator reported that by <br />amending the Loan Agreement as proposed, the City ensures that it complies <br />with the terms of the loan relative to disbursement of funds. Staff recommends <br />approval of the Amendment as proposed, and noted that the loan amount of <br />$262,143.48 remains the same. <br />5 <br />