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c+ q9 2'274 CJa7naaa <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 4, 1991 <br />RE: Assignment of Interest /Bachmeier Development <br />Agreement <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />8111 Blesener <br />Rick Collova <br />Jim LaValle <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is an Assignment Agreement executed by Donald <br />Bachmeier relative to our developer's agreement with him <br />dated May 22, 1991 for the Grieman property located at the <br />southwest corner of Interstate 35 and Highway 36. This <br />Assignment was requested by the property owners given the <br />fact that it did not appear likely that Mr. Bachmeier would <br />be able to have a project come together in the near <br />future. As a result, the Grieman's planned on trying to <br />sell to another developer and wanted to be able to be in <br />full control of the site when dealing with another party. <br />In reviewing the developer's agreement, I did not see any <br />requirement for notification of assignment other than one <br />referenced in the default provisions. I am contacting Bond <br />Counsel to determine if any special actions are needed. <br />Assuming I am correct, it is my opinion that all the City <br />must do is acknowledge this assignment at this time. <br />Should the information from Mary Ippel prove different, I <br />will inform you at Wednesday's meeting. <br />JRH:kpv <br />Enclosures <br />Page 14 <br />