LANCASTER CITY COUNCIL SPECIAL MEETING PROCEEDINGS

The Lancaster City Council met for a Special Meeting to discuss revolving loan application from Michael Whitlock DBS as ProGas HVAC on Wednesday, March 20, 2023, at 5:15 P.M. in the Lancaster City Hall Meeting Room. Members present were Mayor, Michael Olson; council members present Kathy Bernstrom, Krista Matthew, Jackson Peterson, Absent John Stenquist. Also present Anna Jauhola, Kittson County Enterprise.

Mike Whitlock met with the council to request a $90,000.00 loan from the City Revolving Loan Fund for repairs and improvement to his storage/showroom building in Lancaster. The request is for a $90,000.00 loan for a period of 11 years (monthly payments) at 1% interest per year and the city would take 1st position on all equipment and 2 service vans and pickup. The loan was reviewed by the Northwest Regional Development Commission and the loan reviewer and the council reviewed the loan recommendations. Bernstrom moved to loan Michael & Molly Whitlock $90,000.00 for a period of 11 years (monthly payments) at 1% interest per year and the city would have 1^st position on all equipment, 2 service vans and pickup with city added as lienholder on the new 2023 Ford F250 Van30, city to be named as loss payee on hazard insurance and life insurance on Michael Whitlock in the amount of the loan debt with personal guarantees from Michael an Molly Whitlock; loan recipients pay 1% loan origination fee, second by Matthew and carried.

Mayor set loan closing date for March 22, 2023 at 3:45PM.

Meeting Adjourned 5:30PM

Carol Johnson, Clerk/Treasurer Approved: Mike Olson, Mayor Approval Date: April 12, 2023

Other links: Lancaster Riverside Golf Course | Lancaster Public School | NW MN Multi-County HRA

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