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11-27-2006 EDA Packet
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11-27-2006 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
11/27/2006
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AGENDA ITEM 3 <br /> STAFF ORIGINATOR: Mary Alice Divine <br /> DATE: 11/27/06 <br /> TOPIC: Resolution No. 06-04, Approving the Assignment and <br /> Release of Certain Obligations under the Contract for <br /> Private Development with Hartford Development, Inc. <br /> Vote Required: Simple Majority <br /> BACKGROUND: <br /> The Economic Development Authority entered into a Contract for Private <br /> Development with the Hartford Group on December 20, 2004, (amended on <br /> September 13, 2005) setting forth the terms and conditions of redevelopment for <br /> Legacy at Woods Edge. <br /> The Contract acknowledges that Hartford Group plans to sell certain portions of the <br /> development property to subdevelopers, and requires that any proposed <br /> subdeveloper assume all the obligations of the developer for the portion of the <br /> property being transferred. The subdeveloper must agree to be subject to all the <br /> conditions and restrictions of the Contract, including the construction of minimum <br /> improvements on the site. <br /> LLAH Limited Partnership is the limited liability corporation (subdeveloper) that will <br /> own Lakewood Apartments. This EDA action releases the Hartford Group from the <br /> conditions that will be assumed by the subdeveloper for the construction of <br /> Lakewood Apartments. This release will be delivered upon approval of the site <br /> development agreement with LLAH Limited Partnership. <br /> OPTIONS: <br /> 1. Approve Resolution No. 06-04 Approving the Assignment and Release of <br /> Certain Obligations for LLAH Limited Partnership under the contract with <br /> Hartford Group. <br /> 2. Do not approve Resolution No. 06-04 <br /> 3. Return to staff for further consideration. <br /> RECOMMENDATION: <br /> Option 1 <br />
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