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PNL Invest, LLC, has a pending acquisition of 4255 Lexington Avenue N. which is one of the four parcels under the PUD. As part of the real estate transaction, the Buyer has asked the City to sign an Estoppel Certificate verifying that the Development Agreement and Parking and Access Easement are in full force and that there are no defaults thereunder or sums due to the City. This certificate confirms that all obligations under the Agreement have been satisfied and there are no violations, and no unpaid assessments are currently levied against the Subject Property in connection with this Agreement. It should be noted that this does not release or terminate the Seller or Future Buyer from the terms as stated in the Agreement. The Estoppel Certificate as presented by PNL Invest, LLC has been reviewed and approved for issuance by the City Attorney, Public Works Director, and Finance Director (Attachment A). Options and Motion Language Staff has provided the following motion language for this request. Approval: Motion to approve the Estoppel Certificate for PNL Invest, LLC at 4255 Lexington Avenue N. on the Development Agreement for Planning Case 17-012 and Parking and Access Easement at Arden Hills Corporate Center. 2. Denial: Motion to deny the Estoppel Certificate for PNL Invest, LLC at 4255 Lexington Avenue N. on the Development Agreement for Planning Case 17-012 and Parking and Access Easement at Arden Hills Corporate Center: the City Council should identify findings to deny should specifically reference the reasons for denial and why those reasons cannot be mitigated. 3. Table: Motion to table the Estoppel Certificate for PNL Invest, LLC at 4255 Lexington Avenue N. on the Development Agreement for Planning Case 17-012 and Parking and Access Easement at Arden Hills Corporate Center. Budget Impact NA Attachments A. Estoppel Certificate Page 2 of 2