HomeMy WebLinkAbout12-008 Creekside Commons TIF
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - 008
A RESOLUTION ASSIGNING DEVELOPMENT AGREEMENT AND TAX INCREMENT REVENUE NOTE
FROM EAGLE CREEK DEVELOPMENT, LLC TO CREEKSIDE 54, LLC
Motion By: Hedberg Second By: Keeney
WHEREAS, A City Estoppel Memorandum was completed on September 29, 2011 regarding the
proposed assignment of interest in property located at 16535 Tranquility Court SE, known
as Creekside Commons Apartments, from Eagle Creek Development, LLC to Creekside
54, LLC; and
WHEREAS, Section 10 of the City Estoppel Memoran dum allows the assignment of the TIF
Development Agreement and/or the TIF Note by consent of the Prior Lake City Council;
and
WHEREAS, Based on information submitted from Eagle Creek Development, LLC and Creekside 54,
LLC and Aetna Life Insurance Compan y, the City Council is in agreement that the
assignment from Eagle Creek Development, LLC to Creekside 54, LLC will continue
ongoing compliance requirements of the existing Development Agreement dated March 6,
2002; and
WHEREAS, Creekside 54, LLC was i ssued a certificate on September 19, 2011 by the Minnesota
Secretary of State following Minnesota Chapter 322B for a Limited Liability Company, File
Number 4358018 - 2.
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as fo llows:
1. The recitals set forth above are incorporated herein.
2. The assignment of the Development Agreement dated March 6, 2002 and the TIF Note issued on
November 17, 2003 is hereby approved from Eagle Creek Development, LLC to Creekside 54, LLC
subject to the City receiving a consent from Eagle Creek releasing all conditions and a consent from
Creekside 54 accepting all conditions of the Development Agreement; both LLC’s must acknowledge
indemnification of the City as stated in the Development Agreement.
3. All future TIF Note payments shall be made to Creekside 54, LLC, beginning with February 1, 2012.
PASSED AND ADOPTED THIS 17 th DAY OF January, 2012 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup Absent Soukup
______________________________
Frank Boyles, City Manager