HomeMy WebLinkAboutIV.C.1 - Resolution No. 2020-07 - Write Off MDL Loan 2015HASTINGS ECONOMIC DEVELOPMENT
AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 2020-07
CANCELLATION OF THE OUTSTANDING DEBT FOR A REHABILITATION LOAN
ISSUED TO MDL LLC FOR PROPERTY LEGALLY DESCRIBED AS LOT 7 AND 8, BLOCK
46, TOWN OF HASTINGS, DAKOTA COUNTY, MINNESOTA.
Commissioner ______________ introduced the following resolution and moved its adoption:
WHEREAS, On April 9, 2015, the Hastings Economic Development and Redevelopment
Authority (HEDRA) in and for the City of Hastings, Minnesota authorized a $2,142.27 Commercial
Rehabilitation Loan for MDL LLC (Loan Recipient), for property generally located at 620 Ramsey
Street, legally described as Lot 7 and 8, Block 46, TOWN OF HASTINGS, Dakota County, Minnesota;
and
WHEREAS, On April 24, 2015, HEDRA and Loan Recipient further memorialized the terms
and conditions of the Commercial Rehabilitation Loan through the execution of a Loan Agreement and
Mortgage (collectively the Loan Documents); and
WHEREAS, On April 27, 2015 said Mortgage was recorded as Document Number 3063683 in
the Office of the Dakota County Recorder; and
WHEREAS, The Loan Recipient proceeded to make payments in accordance with the Loan
Documents until October 30, 2017; and
WHEREAS, Since October 31, 2017 the Loan Recipient has failed to make payments in
accordance with the Loan Documents. The outstanding payment balance of the Loan Documents is
$1,640.22; and.
WHEREAS, HEDRA has made several attempts to collect the outstanding payment balance
from the Loan Recipient. All attempts to collect have been unsuccessful.
NOW THEREFORE BE IT RESOLVED by the Board that the outstanding debt of the Loan
Documents shall be cancelled and the Executive Director is hereby authorized to execute a Mortgage
Satisfaction Agreement.
Commissioner _____________ seconded the resolution and upon being put to a vote it was
adopted:
Ayes:
Nays:
Absent:
The resolution was duly adopted this 14th day of May, 2020.
_______________________________
Martha Sullivan President
ATTEST:
_______________________________
Rusty Fifield, Secretary
This instrument drafted by:
City of Hastings (JH)
101 4th St. E.
Hastings, MN 55033