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<br /> <br /> <br />STAFF REPORT <br /> <br />TO: President Keis and Members of the Economic Development Authority <br />FROM: Chris Heineman, City Administrator <br />DATE: July 10, 2019 <br /> <br />RE: Assignment and Subordination of TIF and Development Agreements for The <br />Lodge at Little Canada, LLC <br /> <br /> <br />ACTION TO BE CONSIDERED: <br />Motion to approve the Consent of Economic Development Authority, Amended and Restated <br />Agreement Regarding Tax Increment Financing and the Subordination of EDA Development <br />Agreement. <br /> <br />BACKGROUND: <br />The Lodge at Little Canada, LLC (c/o Sherman Associates, Inc.) is selling The Lodge apartments <br />at 2800 Rice Street to Highland Property Management Group, Inc. The buyer will be assuming the <br />seller’s obligations under the TIF and Development Agreements related to this property. The City <br />Attorney’s office has reviewed the attached documents that restate and transfer the agreements <br />from The Lodge at Little Canada, LLC to The Lodge Apartments at Little Canada, LLC. <br /> <br />STAFF RECOMMENDATION: <br />Staff recommends the Economic Development Authority approve the Consent of Economic <br />Development Authority, Amended and Restated Agreement Regarding Tax Increment <br />Financing and the Subordination of EDA Development Agreement.