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To the Mounds View Economic Development Authority <br />RE: An Emergency Deferred Loan <br />In July 2017 The Mounds View Economic Development Authority wrote a loan to our Resident <br />Carol Storey under the Emergency Deferred Loan Program. The amount of the loan was <br />$1,770.00 at zero percent interest. The loan was written to "undertake home improvements <br />related to serious health or safety home repairs at the Borrower's property located at 5702 <br />Cabot Drive" in Colonial Village. Full payment of the loan would be required upon the transfer, <br />sale or lease of the home. We believe no payments were required or have been made an the <br />loan. The Mounds View Economic Development Authority is listed as a lienholder on the title to <br />the manufactured home. <br />On September 15, 2019 Carol Storey passed away. Her family reports that her estate lacks any <br />assets to pay this obligation. The family does not have the willingness or the resources to pay <br />the debt. The family has asked Colonial Village to accept surrender of the home. Colonial Village <br />believes the home is beyond reasonable repair and has a negative value. Colonial Village has <br />agreed to accept the responsibility and expense of removing the home from the homesite. <br />Disposal costs of the home range from $2,500 minimum to $7,000 for on -site demolition. <br />The family of Carol Storey and Colonial Village are requesting that the Mounds View Economic <br />Development Authority forgive the loan and issue a lien release. <br />Carol Langenfeld, manager <br />(7itt <br />For Colonial Village <br />2075 Rustad Lane <br />Mounds View, MN 55112 <br />763-786-3498 <br />