Laserfiche WebLink
REDA Meeting <br /> Minutes—Monday,July 10,2017 <br /> Page 2 <br /> McGehee moved, Etten seconded, approving the REDA Home Improvement <br /> Loan Interest Rate from 3%to 4%. <br /> After a brief discussion as to staff's rationale in recommending the higher <br /> interest rate that remained competitive with Prime at 4.25%, while allowing <br /> more flexibility with rates and fees, it was the consensus of the Authority to <br /> authorize the increased interest rate as presented. <br /> Ayes: 5 <br /> Nays: 0 <br /> Motion carried. <br /> b. Approve Amendment to Journey Home MN Development Agreement for <br /> 196 S McCarrons Housing replacement Program to Extend the Closing <br /> Date <br /> McGehee moved, Etten seconded, approving a contract (Attachment A) with <br /> Community Reinvestment Fund, Inc. (CRF) for loan administering/servicing, <br /> and authorizing execution of the contract by the REDA Executive Director and <br /> President. <br /> At the request of Member Laliberte, Ms. Collins confirmed that <br /> commencement of home construction would not be impacted and was still on <br /> track for completion within six months of closing. <br /> Ayes: 5 <br /> Nays: 0 <br /> Motion carried. <br /> 10. Adjourn to City Council Meeting <br /> McGehee moved, Etten seconded, adjourning the REDA meeting to convene the <br /> regular City Council meeting at approximately 6:08 p.m. <br /> Ayes: 5 <br /> Nays: 0 <br /> Motion carried. <br /> DanieTT RV, President <br /> ATTEST: <br /> Patrick J. Trudgeon, Secretary/Exe utive Director <br />