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Consideration of a mortgage subordination agreement with Crafty Cow LLC at 6519 W North Avenue
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Background
The owners of Crafty Cow LLC, Devein Eichler and Simone Gaspar, are requesting approval of a mortgage subordination agreement as they are in the process of obtaining a Home Equity Line of Credit. Their personal residence serves as collateral for their CDBG loan with the CDA. The bank requires being in first or second lien position. This financing will help consolidate debt and lower overall payments, strengthening both personal and business finances. The residence is the only collateral currently held for the loan. However, the CDA also holds a UCC lien on the business assets, which provides additional security beyond the home.
The total current CDBG loan balance is $60,287 (original amount $93,000). Payments are timely and the loan is in good standing.
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The body may convene into closed session pursuant to Sec. 19.85(1)(e), Wis Stats., for the purpose of deliberating or negotiating the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require closed session, and may reconvene into open session.