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Resolution 8875
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Resolution 8875
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Last modified
6/25/2019 10:08:27 AM
Creation date
12/20/2017 12:48:18 PM
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MV City Council
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<br />LOAN ORIGINATION AGREEMENT <br /> <br />This LOAN ORIGINATION AGREEMENT (“Agreement”) is made by and between the ECONOMIC <br />DEVELOPMENT AUTHORITY in and for the City of Mounds View, with offices at 2401 Mounds View Blvd, <br />Mounds View, MN 55112 (“Authority”), and CENTER FOR ENERGY AND ENVIRONMENT, with offices at <br />rd <br />212 3 Avenue North, Suite 560, Minneapolis, Minnesota 55401 (“CEE”). <br /> <br />RECITALS <br /> <br /> A. The Authority has a need for certain professional services and desires to retain CEE to <br />provide said services, all subject to the terms and conditions contained in this Agreement. <br /> <br /> B. CEE is qualified to provide the desired professional services and desires to provide said <br />services for the Authority, all subject to the terms and conditions contained in this <br />Agreement. <br /> <br />NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained in this <br />Agreement, the parties agree as follows: <br /> <br />1. Services/Scope of Work <br /> <br />1.1 CEE shall, as directed by the Authority, develop and deliver the City of Mounds View Loan <br />Programs (hereinafter the “Program”) which are more fully described in Exhibit A, attached hereto. <br />All activities delivered under the Program shall be coordinated with the Authority’s designated <br />representative, who shall be the Finance Director, Mark Beer, or the Business Development <br />Coordinator, Brian Beeman. <br /> <br />The exclusive source of funding for the Program is the Authority. <br /> <br />2. Compensation <br /> <br /> 2.1 The Authority shall compensate CEE for services provided under this Agreement <br /> according to the following schedule and as is more fully described in Exhibit B attached hereto: <br /> <br />Loan Set-Up Fee $1,500.00 <br /> <br />The Authority shall pay CEE a one time loan set-up fee. This shall compensate CEE for time and <br />labor to create the loan program. <br /> <br />Loan Origination Fee $550.00 <br /> <br />The Authority shall pay CEE an Origination Fee for each loan closed using the Program. The <br />Origination Fee shall compensate CEE for assisting borrowers with loan applications, <br />preparation of loan documents, loan closings, and other direct costs of processing loans <br />pursuant to the Program. Mortgage filing fees, credit reports, flood insurance, title work, and a <br />CONTRACT between ECONOMIC DEVELOPMENT AUTHORITY in and for the CITY OF MOUNDS VIEW and CENTER FOR ENERGY <br />AND ENVIRONMENT #2606 Page 1 <br />511563v2 AMB MU205-48 <br /> <br />
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