Approve $200,000 loan to new Police Chief Magnus for housing
In Plain English
The city's newly hired Police Chief Christopher Magnus needs financial help to buy a house in Richmond while selling his current home in Fargo. The city offers a $50,000 bridge loan for the Richmond purchase plus $150,000 secured by his Fargo property. If approved, the city becomes Magnus's lender until he completes both transactions.
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Votes
Motion · Official minutes
Adopt Resolution No. 169-05
7 aye · 0 nay
Why This Vote Matters
The council unanimously approved a $200,000 loan package to help newly hired Police Chief Christopher Magnus relocate from Fargo to Richmond. The city will provide a $50,000 bridge loan for Magnus to purchase a Richmond home, plus secure an additional $150,000 against his current Fargo property until he sells it. This arrangement temporarily makes the city Magnus's lender during his relocation process. The vote continues the council's pattern of supporting personnel-related requests.
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Related agenda records
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Amendment to loan agreement with former Police Chief Chris Magnus
Chief Chris Magnus Proclamation
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Resolution No. 167-05 - Frontline Law Enforcement Grant
Accept and appropriate $625,000 in grant funding from the U.S. Department of Justice Office of Community Oriented Policing Services