HomeMy WebLinkAbout13-166 Creekside Commons/� PRjQ\
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4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 13 -166
A RESOLUTION ASSIGNING A DEVELOPMENT AGREEMENT AND TAX INCREMENT REVENUE
NOTE FROM CREEKSIDE 54, LLC TO CREEKSIDE 7K, LLC
Motion By
Morton
Second By: Souku
WHEREAS, A City Estoppel Memorandum was completed on November 5, 2013 regarding the
proposed assignment of interest in property located at 16535 Tranquility Court SE,
known as Creekside Commons Apartments, from Creekside 54, LLC to Creekside 7K,
LLC; and
WHEREAS, Section 10 of the City Estoppel Memorandum 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 Creekside 7K, LLC and Aetna Life Insurance
Company, the City Council is in agreement that the assignment from Creekside 54, LLC
to Creekside 7K, LLC will continue ongoing compliance requirements of the existing
Development Agreement dated March 6, 2002; and
WHEREAS, Creekside 7K, LLC was issued a certificate on 11/04/13 by the Minnesota Secretary of
State following Minnesota Chapter 322B for a Limited Liability Company, File Number
693303400023.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
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 Creekside 54, LLC to Creekside 7K, LLC.
PASSED AND ADOPTED THIS 12th DAY OF NOVEMBER, 2013.
YES
NO
Hedberg
X
Hedberg
Keeney
X
Keeney
Soukup
X
Soukup
Morton
X
Morton
McGuire
X
McGuire
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Frank Boy eSCV Manager