HomeMy WebLinkAboutIV.D - HEDRA Resolution No. 2021-23 - Authorizing Write Off of Revolving Loans made to Joseph D. Ryan in the amount of $60,540
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2021-23
A RESOLUTION AUTHORIZING WRITE OFF OF REVOLVING LOANS MADE TO
JOSEPH D. RYAN IN THE AMOUNT OF $60,540
WHEREAS, on June 19, 2008, HEDRA approved a loan to Mr. Joseph D. Ryan in the
amount of $60,540 for renovations to property generally located at 106 and 108 2nd Street E; and
WHEREAS, Mr. Joseph D. Ryan filed for Chapter 7 bankruptcy and Staff was made aware
of the bankruptcy proceedings in February of 2016 and Staff submitted claims forms associated
with the outstanding HEDRA loans; and
WHEREAS, HEDRA loans were secured by a second position mortgage on the properties
generally located at 106 and 108 2nd Street E; and
WHEREAS, on April 12, 2016, Mr. Joseph D. Ryan was granted a discharge of debt under
section 727 of title 11, United States Bankruptcy Code; and
WHEREAS, HEDRA did not receive payment in its second position for the outstanding
loan as a result of the bankruptcy proceedings; and
NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic
Development and Redevelopment Authority as follows:
1. Authorizes Staff to write off revolving loan balances totaling $60,540 made to Mr.
Joseph D. Ryan.
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