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Item No: 6.D. <br />MOUNDS VIS Type <br />Date: October 9, <br />2017 <br />f e of Business: Council Consent <br />City of Mounds View Staff Re ort <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8837 Approving Consent to a New Management <br />Agreement Between Private Parties for the Operation of the Silver <br />Lake Commons Property <br />Discussion: <br />The City entered into an agreement regarding the development and operation of the project <br />commonly known as Silver Lake Commons in December of 1998. One of the City's partners <br />in that development agreement was the Mounds View Family Limited Partnership. Recently, <br />that partnership has undergone a restructuring which has resulted in a new allocation of <br />partnership interests among the partners of that organization. The City has been notified of <br />this change, and has consented to this change in resolution 8822. The attached resolution <br />provides consent to a new management agreement for the property. The City does not play a <br />role with respect to the operation and maintenance but is required to provide consent when the <br />management agreement is changed. Based upon the City Attorney's review of the information <br />provided, the change in the management agreement does not impact any of the duties or <br />obligations under the existing development agreement. <br />Recommendation: <br />Approve Resolution 8837 granting consent to a new management agreement for the Silver <br />Lake Commons project. <br />Respectfully submitted, <br />Mark Beer <br />Finance Director <br />