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Clarkfield EDA reports full apartment occupancy, reviews loan delinquencies
Summary
The Clarkfield EDA reported 16 of 16 apartment units occupied and reviewed revolving loan balances including a delinquent account for Oasis Mexican Restaurant; staff said a certified letter was sent and collection steps will continue. EDA checking balance reported $114,308.93.
The Clarkfield Economic Development Authority reported at its Feb. 23 meeting that apartment occupancy is 16 of 16 units and that 14 of those tenants are paying on time.
Staff reported one tenant payment had been returned for insufficient funds and that the office sent a certified letter to that tenant. Staff said another tenant had said they planned to move by month-end but did not confirm the move-out.
The board reviewed details of its funds and revolving loans. Reported figures included EDA Admin Fund #240 (YTD revenue $0; expenses $10,000), Revolving Loan Fund #245 borrower accounts with balances including Bailey’s Custom Cap (loan balance $13,372.00; monthly payment reported), Oasis Mexican Restaurant (loan balance $16,638.27; monthly payment $512.33), and Childcare by Sydney (loan balance $10,500.00; monthly payment $200 through November 2026).
Staff reported the EDA Apartment Fund #603 had YTD revenue of $17,813.00 and expenses of $8,312.91. The EDA checking account balance was reported as $114,308.93 on Feb. 20, 2026.
On collection matters, staff said a letter had been sent to the Oasis Mexican Restaurant owners at the address listed in the loan documents and that staff were following up on a prior council counteroffer to Sue Bailey concerning a separate matter. Board members asked staff questions about revenue and NSF checks; staff described tenant payment plans and the response to returned checks.
