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2025-027 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with Invest Lamar (Bergenholtz) 5 in 5 Housing Infill Development Program
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2025-027 - Authorizing an Economic Development Agreement and Tax Abatement Agreement with Invest Lamar (Bergenholtz) 5 in 5 Housing Infill Development Program
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6/11/2025 3:06:04 PM
Creation date
6/11/2025 3:05:21 PM
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CITY CLERK
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Resolution
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QMS <br />t ondition-0 Pri Quabli"win I dice <br />Phis i, not a loan approval or commitincrit in leM <br />Dale 01,T2025 <br />Pn-,pixu%c %pphcan4sv Applicant(s). Zachary Bergenholtz. Invest Fannin, LLC, Invest Fannin, LLC. <br />Mort parm ('ompany: Quantum Mortgage Solutions LLC <br />NSIUS 11) rz: 2560437 <br />IAW Details <br />Loan Amount: $1,200,DDO.00 <br />Qualifying Interest Rate: 8% <br />Term: 360 <br />klaximum. Loan -to -Value Ratio: 80-00% <br />Loan Ty and Description: Conventional Loan <br />I PC <br />Mortgage company _V has —has not reviewed the prospccti\ capplicant's/ applicant's credit report and credit <br />score <br />The prospective applicant(s) /applicant(s) have provided [tic inungagcle company with the following information: <br />Income –!LYcs No Not applicable <br />Available cash to close V Yes No Not applicable <br />Debts Ycs No Not applicable <br />Assets V Yes No Not applicable <br />Based on the information that the prospective applicant(s) / applicant(s) have provided, the mortgage companx <br />has determined that the prospective applicant(s) / applicant(s) is eligible and qualified to meet the <br />financial requirements of the loan. <br />We represent that Zachary Hergenholtz, the Applicant, has and will have financial capital m ailable to complete all <br />new dwelling unit construction under the two five (5) year Agreement,,; with the City of Paris. <br />Approval of the loan requires: <br />I Receipt ofa(:oniplete luanapplicafion and all supporting doeunientsrequested; <br />
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