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(�0�`? 00 T{ <br />o L�)���� �>> <br />A <br />"°,� �ii`s��l�% <br />~°g� ,eS <br />N3J . Partoc�st� <br />� <br />R�QUEST FOR EDA CONSIDER.ATION <br />STAFF REPORT <br />EDA MEETING DATE <br />November 2S, 1996 <br />Agenda Section 7A <br />Report #: EDA 96-62C <br />Report Date: 11/22/96 <br />Item Description: Consideration of an Agreement by and among First Union National Banlc of North <br />Carolina, Heartland-Moundsview Common Bond, LLC and Mounds View Economic Development Authority <br />for the Assignment of Development Assistance Agreement and EDA Note. <br />Explanation/Summary (attach supplement sheets as necessary) <br />Summary: <br />Attached is an Agreement for the assignment of the Development Assistance Agreement and EDA Note that was <br />approved by the EDA in 1994 fo�� the development of the Silver Lalce Pointe Apartments located on County Road I in <br />Mounds View. <br />This agreement is a result of Heartland-Moundsview Common Bond, LLC, owner of the project, securing their <br />permanent financing for the project with First Union National Banlc of North Cayolina. <br />I have attached a letter fi-om Jim O'Meara with Briggs and Morgan regarding the purpose of this agreement. This <br />Agreement does not change the obligations of Heartland-Moundsview Common Bond under the Development <br />Assistance Agreement for the project. It is basically adding a third party, ie the banlc, responsible in the case of an <br />Event of Default. <br />1 ' ) , , _'�_----- <br />d ;. <br />,���-= /, . '� � � , �� <br />;� r--- <br />Cathy Bennett� irector of Economic Development <br />RECOMMENDATION: Motion to approve Agreement by and among First Union National Banlc of North <br />Carolina, Heartland-Moundsview Common Bond, LLC and Mounds View Economic Development Authority <br />for the Assignment of Development Assistance Agreement and EDA Note. <br />