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<br />Request for Action <br />ToItem Number <br />Economic Development Authority3.10 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessJanuary 17, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Consent to Driveway Easement Agreements and Cal Portner, City Administrator <br />Mortgage Amendmentfor Yankee Doodle <br />Reviewed by <br />Enterprises, LLC <br /> <br />Action Requested <br /> <br />1.Approve, by motion, the consent to the execution and recording othe Private, Cross Access <br />Easement Agreement for Yankee Doodle Enterprises, LLC. <br />2.Approve, by motion, the consent to the execution and recording o <br />Easement Agreement for Yankee Doodle Enterprises, LLC. <br />3.Approve, by motion, a resolution amending the Mortgage with Yankee Doodle Enterprises, LLC. <br />Background/Discussion <br />The EDA approved a $74,999 Energy Efficiency Improvement microlo <br />Alan Arnold Corporation which was secured by a corporate guarantkee Doodle Enterprises, <br />LLC as the operating entity for Ralphies Victory Lane and a mort <br />basis to a contract for deed from Farmers State Bank of Heartla <br />$465,000 for the property located at 13374 US Highway 10 NW. <br />Yankee Doodle Enterprises(YDE)refinanced their debt and received a $515,000loan from the Bank of <br />Elk River to satisfy the contract for deed. <br /> <br />The EDA approved a new Subordination Agreement on December 19 in favor of the bank providing for <br />the subordination of the EDAs mortgage to the Banks mortgage. <br />On November 2, 2015, the City Council approved the sale of Highway 10, Joplin Avenue and Business <br />Center Drive which abuts YDEs property. <br />E&R Investments, LLC proposesto develop up to three commercial/retail buildings on the siteand the <br />city is requiring a permanent access easement to the property owned by YDE from Business Center <br />Drive. The easement is required to maintain a permanent access to the pthe final plat is <br />approved. After the property is platted, E&R intendsto request the easement be released and replaced <br />with a new easement. <br /> <br />The private cross access easement, will allow YDE and E&R Investments to access to Highway 10 <br />referencedin ExhibitD. <br /> <br />