City of Minnetonka Economic Development Authority Agenda February 2026
Veridian Credit Union Finances Marsh 3, LLC Project
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Description
Minnetonka EDA approved Veridian Credit Union to provide an $8.8 million construction loan and an $850,000 TIF loan to Marsh 3, LLC for a mixed-income apartment project as part of a collateral assignment agreement.
Contract Details
Contract Amount
Construction Loan: Up to $8,800,000; TIF Loan: Up to $850,000
Vendor
VERIDIAN CREDIT UNION
Agency
City of Minnetonka, MN
Contract Type
FINANCIAL_SERVICES
Document Date
February 23, 2026
Contract Term
Dated as of February, 2026; loan duration not explicitly stated
Renewal Info
Standard commercial loan; security interests remain active until loan obligations satisfied. Assignment/scope can be amended or terminated in writing by lender.
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