HomeMy WebLinkAbout06(H) - Adopt Resolution Assigning Tax Increment Financing District 3-1 Development Agreement and Tax Increment Revenue Note ReportRESOLUTION 21-006
A RESOLUTION ASSIGNING DEVELOPMENT AGREEMENT AND TAX INCREMENT REVENUE NOTE FROM CREEKSIDE 7K, LLC TO PRC CREEKSIDE, LLC
Motion By:
Second By:
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
Creekside 7K, LLC is the owner of Creekside Commons Apartments located at 16535 Tranquility Court, Prior Lake, Minnesota 55372, PID 253780030; and
Construction of the Creekside Commons Apartments was funded in part by Tax Increment Financing authorized by the City of Prior Lake and is subject to a Development Agreement dated March
6, 2002 (“Development Agreement”) and corresponding Tax Increment Revenue Note (“Note”); and
Creekside 7K, LLC desires to sell the 16535 Tranquility Court property to PRC Creekside, LLC; and
Creekside 7K, LLC desires to assign the Development Agreement and their interests in the Note to PRC Creekside, LLC; and
Section 6.9 of the Development Agreement requires written consent of the City to assign the Development Agreement and Note; and
WHEREAS,
PRC Creekside, LLC consents and agrees to continue ongoing compliance requirements of the existing Development Agreement dated March 6, 2002.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows:
The recitals set forth above are incorporated herein.
The Mayor and City Manager are authorized to execute the Consent to Assignment of Development Agreement and Tax Increment Financing Revenue Note for the Project known as Creekside Commons
Apartments, transferring the Development Agreement dated March 6, 2002 and the TIF Note issued on November 17, 2003 from Creekside 7K, LLC to PRC Creekside, LLC.
Passed and adopted by the Prior Lake City Council this 4th day of January 2021.
VOTE
Briggs
Thompson
Burkart
Braid
Erickson
Aye
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Nay
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Abstain
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☐
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Absent
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______________________________
Jason Wedel, City Manager