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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 />Economic Development Authority <br />Item Number <br />4.5 <br /> <br />Meeting Date <br />December 15, 2025 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Mortgage Satisfaction - Modern Construction <br />Reviewed by <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, a satisfaction of mortgage related to a microloan agreement with Modern Construction <br />and authorize staff to execute and file the required documents. <br /> <br /> <br />Background/Discussion <br />Modern Construction entered into a note with the EDA on October 31, 2024, for $51,499, a microloan <br />agreement, and multiple security agreements. As part of a refinancing, Modern Construction has paid back the <br />loan in full as of November 20, 2025, while satisfying all other requirements. <br /> <br />This action will release all security obligations held by the EDA for the loan, including two recorded <br />mortgages. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Support the growth and development of the community. <br /> <br />Attachments <br />None <br /> <br /> <br />Page 12 of 15