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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br />Request for Action <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />6.1 <br /> <br />Meeting Date <br />August 4, 2025 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Satisfaction of Mortgage - Stimpson <br />Reviewed by <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, the Satisfaction of Mortgage for Marlin and Victoria Stimpson. <br /> <br /> <br />Background/Discussion <br />On April 13th, 2015, Marlin and Victoria Stimpson received a loan from the HRA through the Rehabilitation <br />Loan Program for $20,650 to make improvements to their property located at 606 Jefferson Lane NW. <br /> <br />As of July 18th, the Mortgage and Repayment Agreement has been fully paid and satisfied. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Improve housing stock by offering incentives or programs to repair or maintain residential properties. <br /> <br />Attachments <br />1. Stimpson Mortgage and Repayment Agreement <br />2. Stimpson Satisfaction of Mortgage <br /> <br /> <br />Page 11 of 63