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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 />5.5 <br /> <br />Meeting Date <br />January 20, 2026 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Mortgage Satisfaction - Preferred Powder <br />Reviewed by <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Approve, by resolution, two satisfaction of mortgages related to a forgivable loan agreement and a microloan <br />agreement with Preferred Real Estate Holding, and authorize staff to execute and file the required documents. <br /> <br /> <br />Background/Discussion <br />We received an inquiry from Old Republic Title regarding two Preferred Powder loans. Preferred Real Estate <br />Holding entered into two mortgage agreements with the EDA on September 26, 2013: a $200,000 forgivable <br />loan and a $100,000 microloan. Both loans have been fully satisfied, and staff recommends providing Old <br />Republic with the requested mortgage satisfactions. <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 />1. Forgivable Loan and Microloan Satisfaction Resolution <br /> <br /> <br />Page 37 of 40