Minnetonka City Council — Transcript
Sunday, August 9, 2026
Marsh II Collateral Assignment
Approval of a collateral assignment for the Marsh II (Vale Minnetonka) project, allowing Minnetonka Marsh, LLC to assign its TIF note rights to Wells Fargo Bank to secure a $48.5 million permanent real estate loan for the 197-unit apartment complex.
Areas of Interest (1)
- The Minnetonka EDA is facilitating a $48.5 million loan for the Vale Minnetonka apartments by approving a collateral assignment of the project's $4.6 million TIF note to Wells Fargo Bank.
Topic analysis (1)
Marsh II Collateral Assignment
Approval of a collateral assignment for the Marsh II (Vale Minnetonka) project, allowing Minnetonka Marsh, LLC to assign its TIF note rights to Wells Fargo Bank to secure a $48.5 million permanent real estate loan for the 197-unit apartment complex.
- Execute collateral assignment agreement among Authority, Developer, and Lender
- Deliver original TIF note to Lender as collateral
People (4)
Rebecca SchackPresidentPresided over the meetings and authorized the business items.
Presided over the meetings and authorized the business items.
Julie WischnackCommunity Development DirectorPresented the Marsh II collateral assignment and previously discussed housing agreements.
Presented the Marsh II collateral assignment and previously discussed housing agreements.
Becky KoosmanCity ClerkSubmitted meeting minutes and official records.
Submitted meeting minutes and official records.
Alisha GrayEconomic Development and Housing ManagerAuthored the report regarding the Marsh II collateral assignment.
Authored the report regarding the Marsh II collateral assignment.
Places Mentioned
Events & Meetings (2)
- (July 13, 2026)
- (August 10, 2026)
Ordinances & Resolutions (1)
Amended and restated housing services agreement for the Homes Within Reach program.