12-18-2006 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 3 STAFF ORIGINATOR: Mary Alice Divine DATE: 12/18/06 TOPIC: Resolution No. 06-04, Approving the Assignment and Release of Certain Obligations under the Contract for Private Development with Hartford Development, Inc. Vote Required: Simple Majority BACKGROUND: The Economic Development Authority entered into a Contract for Private Development with the Hartford Group on December 20, 2004, (amended on September 13, 2005) setting forth the terms and conditions of redevelopment for Legacy at Woods Edge. The Contract acknowledges that Hartford Group plans to sell certain portions of the development property to subdevelopers, and requires that any proposed subdeveloper assume all the obligations of the developer for the portion of the property being transferred. The subdeveloper must agree to be subject to all the conditions and restrictions of the Contract, including the construction of minimum improvements on the site. LLAH Limited Partnership is the limited liability corporation (subdeveloper) formed for the development of Lakewood Apartments. This EDA action releases the Hartford Group from the conditions that will be assumed by the subdeveloper for the construction of Lakewood Apartments . This release will be delivered upon approval of the site development agreement with LLAH Limited Partnership. The Assignment and Release also includes a provision that extends the Timeline for Commencement and Completion of Construction of the Lakewoods Apartments. Due to delays in project financing and approvals, project initiation was delayed. The new provisions require that c onstruction must commence by January 15, 2007 and be completed by April 15, 2008. RECOMMENDATION: Staff is recommending Approval of Resolution No. 06-04 Approving the Assignment and Release of Certain Obligations to LLAH Limited Partnership under the contract with Hartford Group. ATTACHMENTS: 1. Resolution No. 06-04