Title
Approval of the April 10, 2013 HRA meeting minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Thune
Absent: *Commissioner Tolbert
CONSENT
1. Approval of the March 27, 2013 HRA meeting minutes.
Commissioner Stark moved approval.
VOTE: Yeas - 6 Nays - 0
2. Resolution Authorizing the Issuance of Revenue Bonds for Twin Cities German Immersion School Project under Minnesota Statutes, Sections 469.152 through 469.1651 and Approving Related Documents, District 6, Ward 5
Commissioner Stark moved approval. Approved as set forth in resolution RES 13-536
VOTE: Yeas - 6 Nays - 0
DISCUSSION
*Commissioner Tolbert arrived.
3. Resolution Approving and Authorizing Execution of a Loan Payoff in Full in the Amount of $25,000, by Hmong American Partnership of the Loan to D & N, Inc., dba Mai Village Restaurant located at 394 University Avenue, and to Charge Off the HRA Loan and add Borrowers to the Adverse Lending List, District 8, Ward 1
Ms. Cecile Bedor, Executive Director for the HRA, stated that in April 2003 the HRA, along with Western Bank and the US Small Business Administration (SBA), provided financing to D & N, Inc. to acquire and construct the Mai Village Restaurant at 394 University Avenue. Ms. Bedor explained that there are three mortgages on the property; Western Bank in first position; SBA in second, and the HRA in third position. The original HRA loan was in the amount of $400,000. Terms included deferral provisions. The first amendment to the loan deferred, but did not forgive, repayment from May 2008 to December 2008 with payments scheduled to begin January 2009. Payments were made from January 2009 through March 2010. The HRA Board approved a second amendment in March of 2010 that deferred, but did not forgive, repayment from April 2010 through March 2011.
The second amendment was part of a 2010 work out plan for the borrower in response to the bank initiating foreclosure. As part of th...
Click here for full text