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City of Arden Hills City Council Meeting for September 28, 2015 P:\Planning\Planning Cases\2015\PC 15-002 - Arden Plaza - Master PUD Amendment and Subdivision\Memos_15-002 Page 1 of 2 DATE: September 28, 2015 TO: Honorable Mayor and City Councilmembers Patrick Klaers, City Administrator FROM: Matthew Bachler, Associate Planner SUBJECT: Assignment and Assumption of Development Agreement between Arden Plaza, LLC and Frattallone I, LLC Requested Action Approve the Assignment and Assumption of Development Agreement between Arden Plaza, LLC and Frattallone I, LLC. Discussion Frattallone I, LLC entered into a purchase agreement with Arden Plaza, LLC on July 31, 2015 to acquire Lot 3, Block 1, Arden Plaza Second Addition where the existing Frattallone’s Ace Hardware store is located. This property is subject to certain obligations under the Amended and Restated Master PUD Agreement and Phase I Development Contract and the PUD Agreement and Conditional Use Permit Phase I – Third Amendment, which were previously signed between Arden Plaza, LLC and the City. As part of the transfer of the property to Frattallone’s, Arden Plaza has requested that the City approve an Assignment and Assumption of Development Agreement between the two parties which specifies obligations within these agreements that will now be the responsibility of Frattallone’s. The agreement benefits the City by clarifying who the responsible party is for fulfilling the obligations and conditions within the past development agreements. The City Attorney has reviewed the Assignment and Assumption of Development Agreement document. All of the changes suggested by the City Attorney have been incorporated into the final document. The City Attorney recommends City Council approval. CONSENT ITEM – 6C MEMORANDUM