HomeMy WebLinkAbout19-EDA-330EDA RESOLUTION 19 -EDA -330
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION APPROVING FORGIVENESS OF A LOAN ISSUED UNDER THE
EMERGENCY DEFERRED LOAN PROGRAM
WHEREAS, the Mounds View Economic Development Authority (the "EDA") administers
the Emergency Deferred Loan Program (the "Program") whereby it provides for no -interest
emergency repair loans available to residents of the city of Mounds View; and
WHEREAS, the EDA previously approved and authorized a loan under the Program for
Carolyn Ann Storey (the `Borrower") to be used to make certain improvements to a manufactured
home located at 5702 Cabot Drive, Mounds View, MN 55112; and
WHEREAS, the Borrower has since passed away and there remains an outstanding balance
of $1,770.00 on the loan previously provided to Borrower under the Program; and
WHEREAS, in an effort to handle the affairs of the Borrower, her daughter has requested
that the EDA consider forgiving the remaining outstanding principal balance of the loan in order to
allow the chattel property which is currently being used as securitized collateral to be released so that
it may be disposed of, and
WHEREAS, the EDA has determined, through reasonable investigation, that the
manufactured home identified herein has a negative value, and that the EDA is unlikely to recover
the remaining outstanding principal balance of the loan.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Mounds View, Minnesota:
1. That the EDA hereby approves the forgiveness of the outstanding balance of the loan issued
pursuant to the Program in an amount not to exceed $1,770.00. The EDA further authorizes
the release of its security interest attached thereto.
2. The President, EDA staff, the EDA attorney, and EDA consultants are hereby authorized and
directed to take any and all additional steps and actions necessary or convenient in order to
accomplish the intent of this Resolution.
Adopted on the 14th day of October, 2019.
Attest:
Nyle u , Executive Director (SEAL)
616256v l MU205-13
Carol A. Mueller, President