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Council approves changing collateral on state award to Northstar Lime LLC
Summary
The Crookston City Council approved a resolution to amend the city’s security agreement related to a state-awarded intermediary loan to Northstar Lime LLC, allowing the company to sell a malfunctioning pyrolyzer and substitute a flake breaker and compactor as collateral; the award amount discussed was $430,000.
The Crookston City Council voted to approve a resolution amending the city’s security agreement with Northstar Lime LLC so the company can sell a malfunctioning piece of equipment and substitute other machinery as collateral, staff said.
Ashley, speaking for city staff, introduced Item 7.01 as “a resolution regarding the proposed change in collateral for ______ loan with the Northstar Lime LLC.” She said the funding originated from a state-awarded intermediary program and that the company is seeking to release the city’s claim on a pyrolyzer so…
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