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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 7, 1998 <br />RE: Market Place Shopping Center Loan Payoff - Authorized Satisfactions <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaVaile <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />We will need to convene as the EDA to authorize the Mayor to execute the satisfactions relative <br />to the Market Place Center loan payoff. Attached is a copy of the amortization schedule for this <br />loan which indicates the pay out amount. (You will note that we also applied an early payment <br />penalty to offset lost interest during opportunities.) The City Attorney has recommended that the <br />EDA authorize the execution of this document. <br />With the payoff of this loan, this transaction can now be called a total success. It shall also be <br />noted that the development agreement provisions are still in place addressing such items as <br />future land transfers, road right -of -way dedications, utility line conveyances, and other issues <br />affecting this property. Our debt issue will be called on February 1 at which time it will be paid <br />off in full. <br />JH:bj <br />Page 27 <br />