City of Grand Forks Staff Report Mortgage & Assignment of Rents Subordination Request – 116 S. 3rd St. 2026-05-11
City Subordinates CDBG Mortgage to Bremer Bank Loan
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Description
The City of Grand Forks approved subordination of its CDBG-backed mortgage and assignment of rents to Bremer Bank’s senior loan for Rhombus House of Pizza, LLC’s acquisition of the Metropolitan Opera House property. This action preserved the City’s junior lien position while facilitating private refinancing.
Contract Details
Vendor
BREMER BANK
Agency
City of Grand Forks, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 11, 2026
Renewal Date
2035-02-02
Renewal Info
One-time 2013 subordination of the City’s mortgage and assignment of rents to Bremer Bank’s senior mortgage; City loan terms otherwise unchanged with maturity in 2035.
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