3.1. EDASR 04-27-2017 - Laserfiche WebLink

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City of Request for Action River To Item Number Economic Development Authority 3.1 Agenda Section Meeting Date Prepared by General Business April 27, 2017• Amanda Othoudt, EDD Item Description Reviewed by Consent to Plat for Alan Arnold Corporation Cal Portner, City Administrator Yankee Doodle Enterprises,LLC dba Ralphies Reviewed by Victory Lane Action Requested Approve,by motion, consent to plat for Yankee Doodle Enterprises,LLC ' Background/Discussion The EDA approved a $74,999 Energy Efficiency Improvement microloan on September 10,2013, to Alan Arnold Corporation which was secured by a corporate guarantee from Yankee Doodle Enterprises, LLC as the operating entity for Ralphies Victory Lane and a mortgage on the property on a subordinate basis to a contract for deed from Farmer's State Bank of Heartland in the original principal amount of $465,000 for the property located at 13374 US Highway 10 NW. On December 19, 2016,Yankee Doodle Enterprises refinanced their contract for deed and the EDA approved a subordination agreement for the new loan in favor of The Bank of Elk River providing for the subordination of the EDA's mortgage to the Banks mortgage. The EDA still maintains an interest in the property owned by Yankee Doodle Enterprises.Yankee Doodle Enterprises is working with the developer directly adjacent to their property and is seeking to re- plat a portion of the property to accommodate future development in the area. Yankee Doodle Enterprises has made a request to the EDA to consent to plat Yankee Doodle Crossing. Consenting to the plat does not modify or amend the terms and conditions of any of the loan documents executed and delivered in conjunction with the EDA's mortgage. Financial Impact N/A Attachments • Yankee Doodle Enterprises Mortgage • Yankee Doodle Crossing Plat • Consent to Plat Yankee Doodle Crossing Plat • Resolution illIEREI I M NATURE