Gladstone City Commission Regular Meeting Minutes March 2026
CoBank Mortgages Given Priority Over City Facade Lien
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Description
The City Commission approved contract language authorizing Alger Delta to adjust mortgage debt with CoBank while granting CoBank's lien priority over the City's facade grant security. This subordinates the City's interest to existing CoBank financing.
Contract Details
Vendor
COBANK
Agency
Gladstone Housing Commission, MI
Contract Type
FINANCIAL_SERVICES
Document Date
March 9, 2026
Renewal Info
Under proposal 1, CoBank mortgages may be renewed, extended, and increased with explicit superior lien status relative to the City's security interest for the Alger Delta Facade Grant.
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