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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Housing and Redevelo ment Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business October 5, 2020 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> Loan Modification for 1205 4th Street NW,Elk Amanda Othoudt,ED Director <br /> River Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,a resolution approving a Loan Modification for 1205 4"' Street NW,Elk River. <br /> Background/Discussion <br /> At their September 9, 2020, meeting,it was the consensus of the HRA to offer a loan modification to the <br /> borrower at 1205 4th Street NW, Elk River to bring the account current. CEE's legal counsel prepared a loan <br /> modification with the following terms for approval by the HRA. The HRA attorney reviewed the loan <br /> modification and approved the terms. <br /> Provided borrower complies with all terms and conditions contained in the agreement, the HRA will waive any <br /> default of borrower under the loan documents and will forgo acting on any defaults.Although the HRA is not <br /> obligation to do so, as of the effective date,the lender has agreed to modify the terms of the loan as follows: <br /> The HRA agrees to roll the past due principal amount of$2,270.27, the unpaid accrued interest in the amount of <br /> $884.84, and the unpaid late fees in the amount of$166.82 to the end of the current term of the loan. The term of <br /> the loan is extended to September 1, 2033. The adjusted monthly payment to the same amount as established <br /> through the original loan documents to $175.67. <br /> (a) Principal Balance: $ 20,449.37 <br /> (b) Accrued and Unpaid Interest: $ 884.84 <br /> (c) Accrued Late Fees: $ 166.82 <br /> (d) Other Unpaid Fees: $ 0.00 <br /> Total: $ 21,501.03 <br /> All outstanding principal and interest of the Loan shall be due and payable in full on or before September 1 st, <br /> 2033. <br /> Financial Impact <br /> N/A <br /> The Elk River Vision P O N E R E o R Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAWR <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />