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 agreed in 2013 to subordinate its CDBG-backed mortgage and assignment of rents on the Metropolitan Opera House property to Bremer Bank’s senior mortgage for Rhombus House of Pizza, LLC’s acquisition financing. This action elevated Bremer Bank’s lien priority ahead of the City’s loan.
Contract Details
Vendor
BREMER BANK
Agency
City of Grand Forks, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 11, 2026
Contract Term
Approved subordination in 2013 (term of Bremer Bank loan not specified)
Renewal Info
One-time subordination of the City’s lien position to Bremer Bank’s senior mortgage; no renewal or extension terms are specified.
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