BY COUNCILOR STAUBER:
RESOLVED, that the city of Duluth hereby accepts $4,933.94 in settlement of the debt owed by Joshua Thomas Volden, d/b/a Brother Earth, to the revolving loan fund formerly operated by NSCDC payable into Fund 263 and authorizing the city’s manager of community development to execute a release substantially in the form of that on file in the office of the city clerk as Public Document No. ____________________.
STATEMENT OF PURPOSE: In 2005 the North Star Community Development Corporation provided a $10,000 loan out of its CDBG revolving loan fund to Joshua Thomas Volden, d/b/a Brother Earth, providing skateboarding equipment and accessories. The current balance on the loan is $8,223.24. Mr. Volden was unable to continue operating the business and moved to the state of Florida leaving the loan in default. Following extensive negotiations, staff recommends accepting $4,933.94 in settlement of the claim and authorizing execution of a release of the remaining balance of $3,289.30.