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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Members of Little Canada Economic Development Authority <br /> <br />FROM: Chris Heineman, City Administrator <br /> DATE: September 11, 2019 <br /> RE: Release of Marketplace Center Development Agreement <br /> <br />BACKGROUND: <br /> <br />The Economic Development Authority of the City of Little Canada provided a loan to acquire, <br />rehabilitate, and enhance Market Place shopping center in Little Canada and entered into a Development <br />Agreement with Market Place Center Limited Liability Company. Staff was contacted by Lorie Klein <br />representing Marketplace Center, LLC in August requesting a release of the Development Agreement <br />which was filed on April 30, 1996. <br /> <br />Section 5 (Termination) of the Memorandum of Development Agreement executed on April 1, 1996, the <br />Memorandum shall constitute record of notice of the Development Agreement until such time as the <br />EDA and the Developer execute and record in the Ramsey County Land Records a termination statement <br />stating that the rights and obligations of the Developer and the EDA under the terms of the Development <br />Agreement have terminated. <br /> <br />In addition, Section 7(e) of the Development Agreement state that the obligations of the Developer under <br />this Development Agreement shall run with the title to the Property. Upon the Developer’s completion <br />of all of the Developer’s obligations under Section 4, the city shall provide the Developer with a <br />recordable document indicating that the Developer has satisfied all the Developer’s obligations under <br />the Development Agreement and that the Development Agreement no longer encumbers the property. <br /> <br />Staff has reviewed the Development Agreement and other records related to this development project <br />and believes that all of the Obligations of the Developer outlined in Section 4 of the Development <br />Agreement have been satisfied. According to Ramsey County Property Records, there is no record of a <br />termination statement or a recorded document on file indicating that the developer has satisfied the <br />obligation of the Development Agreement. <br /> <br />REQUESTED ACTION: <br />Staff recommends EDA approval of a Certificate of Completion indicating that the developer has <br />satisfied the obligation of the Development Agreement. The executed Certificate of Completion will <br />be recorded with the Ramsey County Property Records office. <br />