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Request for Action <br /> L.- River <br /> To Item Number <br /> Economic Development Authority 3.5 <br /> Agenda Section Meeting Date Prepared by <br /> Consent November 21,2016 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Satisfaction Agreement for Blue Egg Market,LLC Cal Portner,City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,a satisfaction of mortgage for Blue Egg Market LLC. <br /> Background/Discussion <br /> The EDA approved a$74,500 microloan on April 25, 2013, to Blue Egg Market,LLC. for the purpose of <br /> financing inventory,equipment, furniture,and fixtures in conjunction with renovating an existing facility <br /> located at 707 Main Street. <br /> The city received payment of the balance of the loan in full on October 17, 2016. <br /> Sherburne County Abstract on behalf of the owner of Blue Egg Market,LLC is requesting a satisfaction <br /> of mortgage be signed and recorded releasing them of all obligations under the Mortgage Agreement. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Sherburne County Abstract Request for Satisfaction <br /> • Satisfaction Agreement <br /> • Mortgage Document Number 770025(April 26,2013) <br /> • Loan Agreement <br /> • Promissory Note <br /> • Personal Guarantee <br /> 1OIEREO � r <br /> t�A�'URE <br />