Resolution No. 2024-01, Modifying Loan Agreement - Sherman Associates
Resolution No. 2024-01
Modifying Loan Agreement – Sherman Associates
Whereas, the Housing and Redevelopment Authority in and for the City of Fridley (the
“Authority”) has previously entered into a Loan Agreement with Sherman Associates in 2020; and
Whereas, the Loan Agreement included a formula for determining annual repayments, beginning
in December 2023; and
Whereas, it has been determined that all parties to agreement would prefer to use audited year-
end financial statements in determining payments; and
Whereas, the audited year-end financial statements are completed within the first 120 days of
the new year.
Now, therefore be it resolved, that the Authority modifies and amends the Loan Agreement and
accompanying Promissory Note found on attached First Amendment to Acquisition Loan
Agreement.
Passed and adopted by the Housing & Redevelopment Authority in and for the City of
st
Fridley this 1 day of February, 2024.
_______________________________________________
Elizabeth Showalter - Chairperson
Attest:
_________________________________________________
Walter T. Wysopal - Executive Director