City of Maple Grove City Council Agenda Packet May 2026
City subordinates loan for Maple Village refinancing
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Description
The City of Maple Grove plans to approve a subordination agreement with Maple Village, LLC so the owner can refinance the Maple Village Phase 1 affordable housing property. The city’s existing $462,377 deferred loan remains in place through 2038 but is placed behind a new senior mortgage while preserving affordability restrictions.
Contract Details
Contract Amount
$462,377.00 (existing subordinate loan)
Vendor
MAPLE VILLAGE LLC
Agency
City of Maple Grove, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Promissory note and mortgage dated July 7, 2008, maturing December 31, 2038
Renewal Date
2038-12-31
Renewal Info
Original city loan is a 0% interest deferred loan dated July 7, 2008, maturing December 31, 2038; the May 2026 action subordinates the loan to a new senior mortgage without changing maturity, terms, or affordability period.
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