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am 0 <br />lip, An agreileilment has been reached between F1"rst Nat ional Bank of <br />Minneapolis and Lutheran Brotherhood regarding the <br />outistanding, biondsi on the Roffman Electric building. <br />2e Hof fin Electr ic has f il,ed bankruptcy under Chapter 7 an <br />S. <br />subsequently Lutheran Bro'therhood has exercised its ri'ght a <br />a second mortgageei on the property,. <br />1 1 <br />@is In, order to facil itate the workout agreement between the <br />riespectIvie Parities, the original City bond issue must be <br />amended. (A lietter from Briggs, and Morgan as well as a staff <br />0 <br />summary is attached explaining the basic elements of the <br />transact <br />in, The agreement appears to be a very reasonable approach for <br />a <br />all paritiesi concerned. Staff recommends approving the <br />resolution with the proviso that all City expenses be <br />reimbursied, V <br />Motion to appriolve, the resolution wilm the proviso that all <br />City, expensies blei, reimbursied. <br />