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Page 1 of 2 <br /> <br />CONSENT ITEM – 6H <br /> <br />MEMORANDUM <br /> <br />DATE: July 26, 2021 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Jessica Jagoe, Senior Planner <br /> <br />SUBJECT: PC 21-014 – Assignment and Assumption of Development Agreement with JAB <br />Real Estate, LLC (Lifelong Wealth Advisors) <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 and Assumption of Development Agreement for the Final Planned Unit <br />Development Agreement with JAB Real Estate, LLC based on the City Council approval <br />of Planning Case 21-014 on June 28, 2021. <br /> <br />All items need a simple majority for action unless otherwise noted. <br /> <br />Background <br />At the July 26, 2021 meeting, the City Council is considering the Final Planned Unit <br />Development Agreement for the Master Planned Unit Development for JAB Real Estate, LLC <br />(Lifelong Wealth Advisors). The project was approved with 16 conditions. The property owner <br />is Arden Plaza, LLC, managed by Wellington Management. Lifelong Wealth Advisors will be <br />constructing a single story 5,600 square foot building with associated parking lot. <br /> <br />The Developer as part of the Development Agreement approval is requested the City approve <br />and sign an Assignment and Assumption of Development Agreement (Attachment A). The <br />requested assignment reflects a desire of the seller of the lot to transfer and assign certain <br />obligations under the PUD Master Plan to the new owners of the lot and a willingness of the new <br />owners to accept those responsibilities. This request is not uncommon in commercial mall <br />developments and redevelopments, particularly since most of these types of malls are moving <br />away from single ownership with subordinate lease agreements for the various businesses <br />located in or around the mall to a model where satellite or related lots are held in separate