HomeMy WebLinkAboutIV.C - HEDRA Resolution No. 2021-22 - Authorizing Staff to Process the Refinancing of Existing HEDRA Revolving Loans
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2021-22
A RESOLUTION AUTHORIZING STAFF TO PROCESS THE REFINANCING OF
EXISTING HEDRA REVOLING LOANS
WHEREAS, HEDRA has authorized loans periodically in support of economic
development activity within the City and when aligned with policy and procedure associated with
the HEDRA Commercial and Owner Occupied Residential Revolving Loan Program; and
WHEREAS, Staff has proposed the refinancing of existing loans to amend loan maturation
dates based on prolonged payment and interest deferment authorized by HEDRA as a result of the
COVID-19 Pandemic as well as provide fixed interest rates for the duration and loans rather than
variable interest rates for improved internal administration of the loans as well as predictability of
loan payment amount for those who are repaying loans; and
WHEREAS, HEDRA loans made to Main Street Properties, River City Properties, T&S
Properties, Jupiter Peak Lodging, VZ Group LLC, Spiral Brewery LLC, Kevin and Lynette
Hoeschen, Terry and Rebecca Vlach, and Sui Genesis LLC and approved by HEDRA to be
refinanced as recommended by Staff; and
NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic
Development and Redevelopment Authority as follows:
1. Authorizes Staff to prepare and execute all necessary documentation necessary to
refinance existing HEDRA loans.
Adopted by the Hastings Economic Development and Redevelopment Authority this 9th day of
December, 2021.
Ayes:
Nays:
Absent:
Dennis Peine, President
Eric Maass, Secretary
I HEREBY CERTIFY that the above is a true and correct copy of the resolution presented to and
adopted by the Hastings Economic Development and Redevelopment Authority, County of
Dakota, Minnesota, on the 9th day of December, 2021, as disclosed by the records of the City of
Hastings on file and of record in the office.
Eric Maass, Secretary