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 Did the EDA forgive the $6,000 loan to Sonny's?

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Lady Hawk
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PostSubject: Did the EDA forgive the $6,000 loan to Sonny's?   Tue Jul 14, 2009 11:30 am

No After waiting months to get access to public data I have been able to access the EDA minutes. One item of interest is involving a loan to Sonny Arndt. Here is the timeline:

August 15, 2007 - the EDA Board is informed that Sonny's has entered into Foreclosure/Bankruptcy. The EDA Attorney is to be informed.

November 21, 2007 - EDA Attorney William Watson "was present to update the board on the Sonny's loan with the EDA. A request to have the EDA release their second mortgage to the bank so that it would not interfere with a possibility to close on a sale. After discussion the EDA was informed that they held the 2nd and 4th position on the mortgage and it would not be in the best interest if we did as requested." Suspect

December 5, 2007 - "Herberg received a call from Sonny requesting the EDA to forgive the $6,212.47 so he would be able to close on the sale of his business to the Hardware Store guy in the amount of $57,000 or his price would have to be $75,000 if the EDA would not forgive the loan. After much discussion, this matter was tabled until the December 19th meeting. Danielson is to contact Watson for Mortgage holders.

According to a letter from William Watson dated December 17, 2007 there were 4 liens on the property. Minnwest Bank held the 1st, 3rd, and 4th liens. The EDA held the 2nd lien. Was the EDA being asked to take 4th place and let Minnwest take 1st, 2nd, and 3rd position? (Perhaps it should be noted that Scott Maas and Blair Johnson are on the Minnwest Bank Board of Directors and the EDA Board.) poker

December 19, 2007 - EDA Attorney William Watson advised the board of the EDA's position on the lien for Sonny's building and the request from Sonny Arndt for subordination of the EDA's position. M/S/P: Nypen/Herberg moved to table this matter until further information could be gathered. Abstained: Arndt and Johnson.


The EDA board was to decide on this issue on Jan 10, 2008. The minutes are missing. Detective See Public Data Available? In the meantime we will have to wait for Mr. Lang to get back and tell us what happened to the missing Jan 10th minutes. scratch

One thing I am concluding though. There are too few people wearing too many hats. When one looks at the people involved in the many boards and committees in this town I keep seeing the same twenty or so names coming up. In a town of over 1,800 people you would think that more people could be involved. With this few number of people and so many positions being filled by the same people it is rife for Hanky Panky. hunting

_________________

Our citizens may be deceived for awhile, and have been deceived;
but as long as the presses can be protected,
we may trust to them for light.
- Thomas Jefferson


Last edited by Lady Hawk on Tue Jul 14, 2009 8:25 pm; edited 1 time in total
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TopGun
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PostSubject: EDA - E vidently D eny A ccess   Tue Jul 14, 2009 12:16 pm

THANK YOU Lady Hawk for all the research and questioning that you do! I am
APPALLED at some of the things happening in this town, as are many others
I have spoken to. Most people are afraid to publically comment on the forum,
for fear of repercussions from leaders of this fair city. Missing minutes that feature
information that would anger the common citizen? Can't be OUR leaders doing
this....ha. Oh boy
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