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05/26/1998 Council Packet
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05/26/1998 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
05/26/1998
Council Meeting Type
Regular
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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 5/26/98 <br />TOPIC: Consideration of Subordination Agreement to the <br />Contract for Private Development between Lino <br />Lakes EDA and NoI -Tec LLC <br />BACKGROUND: <br />The EDA entered into a development agreement with Nol -Tec in 1995 regarding <br />construction of their original building. We recently entered into a second <br />agreement with regard to expansion. The owner is refinancing the development <br />and the bank has asked the EDA to subordinate certain of its rights to the bank's <br />mortgage. This is a typical request and one the EDA is generally willing to <br />accommodate to at least a limited degree. <br />We will not subordinate the assessment agreement to the new mortgage. The <br />assessment agreement should remain in place even if the bank acquires the <br />property. In this instance, the owner also agreed to allow the city to relevy <br />unpaid special assessments in the case of a default. We should not give up this <br />right. With these exceptions, it is reasonable to subordinate the remainder of the <br />development agreement to the new financing. <br />OPTIONS: <br />1. Authorize the president and executive director of the EDA to sign the <br />subordination agreement that retains the assessment agreement and the right to <br />relevy unpaid special assessments in the event of a default. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />
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