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06/07/2010 Council Packet
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06/07/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/07/2010
Council Meeting Type
Work Session Regular
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SBackground on buyer's request to Lino Lakes EDA to consent to assigning TIF <br />benefits to buyer <br />• <br />• <br />As you remember, in April we met at City Hall where I presented a request on behalf of the Lino Lakes <br />Housing Limited Partnership to the Lino Lakes EDA to consent to the assignment of the Contract for <br />Private Redevelopment between the seller, Willow Ponds Limited Partnership, and the buyer, Lino Lakes <br />Housing LP. As part of my request I presented a draft assignment of the TIF benefits between the seller <br />and buyer and outlined the need for the City's consent. Shortly thereafter your City attorney modified <br />the form of agreement between the buyer and seller. After reviewing the City's recommended <br />modifications I concurred and shortly thereafter you presented me with the one page City consent form <br />signed by you thus evidencing the City EDA's approval of the assignment. <br />As part of our request I offered and shared our financing commitment letter, capital needs assessment <br />and environmental report, etc. We discussed the project and its history and I stated our willingness to <br />share any other documentation the City may need in reviewing our request. You asked for a copy of the <br />annual section 42 restrictive use compliance documents required by MHFA. I believe I furnished you <br />with the document and there were no other requests from the City for information. <br />Thank you again for consenting to the assignment of the City's TIF assistance to our partnership. <br />Attachment A is our February 18th commitment, Attachment B is the CNA. <br />4 <br />
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