Laserfiche WebLink
Page 1 of 2 <br /> <br />CONSENT ITEM – 6D <br /> <br />MEMORANDUM <br /> <br />DATE: July 12, 2021 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Jessica Jagoe, Senior Planner <br /> <br />SUBJECT: PC19-002 – Assignment of Development Agreement with AHSL Partners LLC <br />(Trident Development) <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> <br />Council Should Consider <br /> <br />Motions to approve, table, or deny the following: <br /> <br />• The Assignment of Development Agreement for the Planned Unit Development <br />Agreement with AHSL Partners LLC based on the City Council approval of Planning <br />Case 19-002 on July 22, 2019. <br /> <br />All items need a simple majority for action unless otherwise noted. <br /> <br />Background <br />At its April 26, 2021 meeting the City Council approved an Amended and Restated Development <br />Agreement for the Planned Unit Development for AHSL Partners LLC (Trident Development). <br />The Master Plan PUD Agreement outlines the conditions as permitted for the construction a <br />three (3) story, 120-unit senior housing building which will include independent living, assisted <br />living, memory care and skilled nursing. The amended PUD Agreement has been signed and is <br />in the process of being recorded (Attachment B). <br /> <br />The Developer recently requested the City approve and sign an Assignment of Development <br />(Attachment C). The agreement essentially states that the City consents to the loan and should <br />the developer default under the loan, the City will recognize the lender as the Developer so the <br />lender can complete the project. <br /> <br /> <br />