My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
05-13-13-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2010-2019
>
2013
>
05-13-13-R
>
05-13-13-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/10/2013 2:48:48 PM
Creation date
5/10/2013 2:48:20 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
142
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CONSENT ITEM <br />MEMORANDUM <br />DATE:May 13, 2013 <br />TO:Honorable Mayor and City Councilmembers <br />Patrick Klaers, City Administrator <br />FROM:Jill Hutmacher, Community Development Director <br />SUBJECT:Assignment of Development Agreement <br />BudgetedAmount:Actual Amount:Funding Sources: <br />NANANA <br />Requested Action <br />Approve the Assignment of Development Agreement for 1201 County Road E. <br />Discussion <br />As a condition of the construction financing agreement between TAT Properties and BMO <br />Harris Bank,the bank wants to be able to assume the developer’s rights and responsibilities <br />under the development contract if the developer defaults on the loan.In effect, this would allow <br />the bank to step in and complete the project.Under the terms of the development contract <br />between the City and the developer,the City Council must approve the assignment agreement. <br />The agreement benefits the City by providing additional security that the underlying <br />development contract will be performed as promised. <br />The City Attorney has reviewed the Assignment of Development Agreementdocument. All of <br />the changes suggested by the City Attorney have been incorporated into the final document. The <br />City Attorney recommends City Council approval. <br />Recommendation <br />Approve the Assignment of Development Agreement for 1201 County Road E. <br />Attachment <br />Assignment of Development Agreement <br />11 <br />Page of <br />
The URL can be used to link to this page
Your browser does not support the video tag.