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cee# 9W4 ?Way-meek <br />515 Litde Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little- canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 22, 2002 <br />RE: Assignment of Purchase Agreement — Garden Terrace Project <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaVatle <br />Matt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />Pursuant to our Purchase Agreement with CommonBond Communities dated May 17, 2001, we <br />acknowledged their ability to assign said agreement to a new, not - for - profit, affiliated entity that would be <br />created to own and operate this project. Attached is their formal request to do so with the actual <br />assignment form. (We must sign this form to document our consent.) <br />It is my recommendation we approve the assignment of our purchase agreement with CommonBond <br />Communities to Garden Terrace Commons Senior Housing as proposed. <br />