City of Grand Forks Staff Report Mortgage & Assignment of Rents Subordination Request – 116 S. 3rd St. 2026-05-11
City Weighs Subordination to New Choice Bank Loan
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Description
Grand Forks staff recommend authorizing subordination of the City’s CDBG mortgage and assignment of rents to a new approximately $2.4 million, 36‑month Choice Bank loan at 6% interest for the Metropolitan Opera House property. The action would allow Choice Bank’s mortgage to be senior while the City retains a junior position on its remaining $180,000 forgivable loan balance.
Contract Details
Contract Amount
$2,400,000 (referenced) / $2,386,064.67 (draft document principal)
Vendor
CHOICE BANK
Agency
City of Grand Forks, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 11, 2026
Contract Term
36 months at 6% interest (City document)
Renewal Date
2035-02-02
Renewal Info
One-time requested subordination of the City’s existing mortgage and assignment of rents to Choice Bank’s senior mortgage; does not alter the City loan’s 2035 maturity. Subordination approval is subject to review and approval by the City Attorney.
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