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EDA RESOLUTION 19 -EDA -330 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION APPROVING FORGIVENESS OF A LOAN ISSUED UNDER THE <br />EMERGENCY DEFERRED LOAN PROGRAM <br />WHEREAS, the Mounds View Economic Development Authority (the "EDA") administers <br />the Emergency Deferred Loan Program (the "Program") whereby it provides for no -interest <br />emergency repair loans available to residents of the city of Mounds View; and <br />WHEREAS, the EDA previously approved and authorized a loan under the Program for <br />Carolyn Ann Storey (the `Borrower") to be used to make certain improvements to a manufactured <br />home located at 5702 Cabot Drive, Mounds View, MN 55112; and <br />WHEREAS, the Borrower has since passed away and there remains an outstanding balance <br />of $1,770.00 on the loan previously provided to Borrower under the Program; and <br />WHEREAS, in an effort to handle the affairs of the Borrower, her daughter has requested <br />that the EDA consider forgiving the remaining outstanding principal balance of the loan in order to <br />allow the chattel property which is currently being used as securitized collateral to be released so that <br />it may be disposed of, and <br />WHEREAS, the EDA has determined, through reasonable investigation, that the <br />manufactured home identified herein has a negative value, and that the EDA is unlikely to recover <br />the remaining outstanding principal balance of the loan. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of <br />the City of Mounds View, Minnesota: <br />1. That the EDA hereby approves the forgiveness of the outstanding balance of the loan issued <br />pursuant to the Program in an amount not to exceed $1,770.00. The EDA further authorizes <br />the release of its security interest attached thereto. <br />2. The President, EDA staff, the EDA attorney, and EDA consultants are hereby authorized and <br />directed to take any and all additional steps and actions necessary or convenient in order to <br />accomplish the intent of this Resolution. <br />Adopted on the 14th day of October, 2019. <br />Attest: <br />Nyle u , Executive Director (SEAL) <br />616256v l MU205-13 <br />Carol A. Mueller, President <br />