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Council approves Northland Securities engagement to seek financing for City Center upgrades in 4–1 vote
Summary
City Clerk Julie Roberts presented City Center upgrade needs and an engagement letter from Northland Securities; council authorized Northland to act as placement agent for an estimated $325,000 financing, with a 4–1 vote (Grotheer opposed).
City Clerk Julie Roberts told the council that upgrades to the City Center building—principally an elevator control panel upgrade and a new heating system—are estimated at about $325,000. Roberts said Otter Tail County will contribute $40,000 toward elevator upgrades as part of a grant tied to the county’s Family Resource Center, and she outlined preliminary financing options, including a USDA pre-application and an engagement letter from Northland Securities to serve as placement agent.
Council discussed financing options and the relative timelines of USDA pre-application versus placement through a securities firm. A motion by Councilman Hammond, seconded by Jerry Nesland, authorized staff to proceed with Northland Securities as placement agent. The motion passed with Mayor Latham Hetland, Nesland, Maki and Hammond voting in favor and Councilman Grotheer opposed.
Clerk Roberts will proceed with the engagement and return updates on application progress, quotes and terms to the council. The action does not finalize financing terms; it authorizes Northland Securities to act as placement agent so the city can evaluate options.
