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<br />Since no development took place on Parcel 4, the City of Little Canada will be required to repay any <br />outstanding TIF Notes issued to the developer. In the bills to be approved at the next meeting will be <br />the repayment of the outstanding TIF Notes issued to George Sherman relative to his TIF guarantee <br />payments pursuant to the Development Agreement. Ehlers has determined the amount to be $393,258. <br />A memo from Joel Hanson regarding decertification of TIF 3-2 as also attached for your information. <br /> <br />The City of Little Canada Canada’s bond attorney (Thomas Bray from Briggs & Morgan) was directly <br />involved with the drafting of these documents in 2018. The City Attorney’s office has also been asked <br />to review the attached documents to confirm that all legal issues related to this transaction have been <br />addressed. <br /> <br />REQUESTED ACTION: <br />Staff recommends that the EDA review and execute the following documents: <br />1) Partial Termination of and Release of Property from Development Agreement, Termination of <br />Assessment Agreement, and Termination of Purchase Agreement <br />2) Certificate of Release from Development Agreement and Assessment Agreement <br />3) Quit Claim Deed for Lot 2, Block 1, Village Square Third Addition (Parcel 4) <br />