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')ILIC) ., <br /> ht 1 Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 4.5 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Agenda September 6,2016 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Satisfaction of Mortgage Agreement. Cal Portner,City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the satisfaction of mortgage for real property located at 19141 Freeport St NW. <br /> Background/Discussion <br /> On August 2011,the HRA approved a$90,000 interfund loan to Pizza Ranch generated by available tax <br /> increment dollars received from TIF District No. 16.The funds were used to finance SAC and WAC fees <br /> and a portion of the cost of land for additional parking in connection with substantial renovations to and <br /> equipping of the building located at 19141 Freeport St NW. <br /> The owner has since refinanced and payed off this loan with the HRA in the amount of$52,154.26 with <br /> the HRA and is requesting a satisfaction of mortgage be signed and recorded releasing them of all <br /> obligations under the Mortgage and Repayment Agreement. <br /> Financial Impact <br /> None. The funds were lent to Pizza Ranch from excess redevelopment TIF funds.The payoff was <br /> returned to the county as excess TIF funds,to which the county distributes them to the appropriate <br /> tang districts. <br /> Attachments <br /> • Mortgage&Repayment Agreement <br /> • Satisfaction of Mortgage <br /> roillEl i'T <br /> 1ATURJ� <br />