Title
RESOLUTION AUTHORIZING A BRIDGE LOAN TO HARTLEY NATURE CENTER CORPORATION IN AN AMOUNT NOT TO EXCEED $225,000, WHICH FUNDS, IF DISBURSED, SHALL BE USED SOLELY TOWARD A FUTURE ADDITION TO THE HARTLEY NATURE CENTER BUILDING.
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CITY PROPOSAL:
BE IT RESOLVED, that the proper city officials are hereby authorized to enter into a Funding Commitment Agreement, substantially in the form attached as Exhibit 1, to provide to Hartley Nature Center Corporation ("Hartley Corporation") bridge funds in an amount not to exceed $225,000 to be used solely as a match for a Legacy Parks and Trails grant for the construction of new classrooms at Hartley Nature Center's educational facility, payable from Fund 205-130-1220-5520-CM205-HARTLY (Parks Fund, Community Resources, Parks Capital, Buildings & Structures, Capital Projects-Hartley).
FURTHER RESOLVED, that if such bridge funds are disbursed, the proper city officials are hereby authorized to execute any and all documents, including but not limited to a Loan Agreement, Mortgage, and Promissory Note, necessary to secure the City's interest in real estate owned by Hartley Corporation located at 2732 Woodland Avenue, Duluth, Minnesota, 55803 (the "Hartley Corporation Property") and legally described on the attached Exhibit 2, which interest shall serve as collateral for the bridge funds. The Loan Agreement, Mortgage, and Promissory Note to be executed shall be substantially in the forms attached as Exhibit D to the attached Exhibit 1.
FURTHER RESOLVED, that if the Loan Agreement, Promissory Note, and Mortgage are executed, then the proper city officials are hereby authorized to record the Mortgage from the city to Hartley Corporation in an amount not to exceed $225,000 with the St. Louis County Recorder and/or Registrar of Titles.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the appropriate city officials to enter into agreements that:
1. Commit the city to guarantee to Hartley Nature Cen...
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