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CONSENT ITEM — 8F <br />-t1 DEN HILLS <br />MEMORANDUM <br />DATE: October 9, 2023 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Jessica Jagoe, Community Development Director <br />SUBJECT: Scannell Properties #486, LLC — Termination and Release of Assessment <br />Agreement <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br />Council Should Consider <br />Motions to approve, table, or deny the following: <br />• Termination and Release of Assessment Agreement for Scannell Properties #486, LLC at <br />4200 Round Lake Road (Attachment A). <br />Background <br />On October 14, 2014, the City executed an Assessment Agreement with CMK Arden Holdings to <br />defer an assessment associated with improvements of Round Lake Road for the real property <br />located at Lot 1, Block 1, Traverse Business Center, also referred to as PID's 21.30.23.34.0009 <br />and 21.30.23.31.0032 (Attachment B). This property was replatted in 2020 to Gateway Interstate <br />as part of the Final Planned Unit Development for Scannell Properties #486, LLC. The assessment <br />agreement specified the terms of the defer payment until January 1, 2025, or until a building permit <br />is issued, or a development agreement is executed between the Owner and the City for <br />development of the Subject Property. City staff verified that the assessment payment was received <br />prior to construction of the Gateway Interstate building. <br />Based on the pending acquisition of the Subject Property, Scannell Properties #486, LLC is <br />requesting to be released from the Agreement. The City Attorney has reviewed the Termination <br />and Release of Assessment Agreement and has no additional comments or recommended changes. <br />Page 1 of 2 <br />