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I -a ni6tJ j g AAakk N <br />f <br />City of <br />El Request for Action <br />River <br />To <br />Item Number <br />Economic Development Authority <br />3.5 <br />Agenda Section <br />Meeting Date <br />I <br />Prepared by <br />Conseil <br />October 17, 2016 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Satisfaction Agreement for Indy Lube, Inc. <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Approve, by motion, a satisfaction of mortgage for Indy Lube, Inc. <br />Background/Discussion <br />The EDA approved a $24,700 microloan on October 28, 2003, to Indy Lube, Inc. for the purpose of <br />financing inventory, equipment, furniture, and fixtures in conjunction with building a new facility located <br />at 522 Dodge Avenue NW. <br />A letter was sent to the owner on July 28, 2000, indicating that the mortgage was repaid in full on July 11, <br />2000. However, a satisfaction of mortgage was never issued or recorded. <br />The owner is in the process of transferring the title to a new owner and is requesting a satisfaction of <br />mortgage be signed and recorded releasing them of all obligations under the Mortgage Agreement. <br />Financial Impact <br />N/A <br />Attachments <br />• Letter (July 28, 2000) <br />• Memorandum (July 28, 2000) <br />• Mortgage Document Number 285731 (October 28, 1993) <br />■ Satisfaction Agreement <br />IOtIIII ®r <br />1'tJATURE <br />