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REQUEST FOR COUNCIL ACTION DATE: 3-26--vo <br />ITEM NO.: ~ <br />Department Approval: Manager Reviewed: Agenda Section: <br />Consent Agenda <br />t <br />,F <br />Item Descr tion: Authorization to sign Subordination Agreement <br />for Lexington Shopper Limited Partnership. <br />Twin City Federal has agreed to finance Lexington Shoppes Limited <br />Partnership's development of the retail facility in the Can --American <br />project. In all of Roseville's development projects, the City <br />subordinates its interests to the primary lender. The original <br />development agreement: addressed the subordination to the original <br />financial group, however, the retail component will be financed by <br />TCF, thus, a new subordination agreement is required. I have asked <br />Briggs and Morgan to review the subordination agreement and a letter, s <br />is a1+ached from Tony Stemberger recommending that the City sign it. <br />rT,nte out that this project is a "pay as you go"` <br />It should u� r _ ___ _-... <br />development, thus, the subordination elements are not as significant <br />as they would be in a "bonding/up front" type of financing. <br />COUNCIL ACTION REQUESTED: Motion to approve/deny authorization to <br />sign Subordination Agreement for <br />Lexington Shoppes Limited Partnership. <br />