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Item No: 6.H. <br />MOL-JNWS <br />VfE-W <br />Meeting Date: January 8, Type of Business: Council Consent <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8892 Approving Consent to Ownership Change in Silver <br />Lake Commons Project <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 in <br />that development agreement was the Mounds View Family Limited Partnership. Recently, that <br />partnership has been engaged in the potential sale of the property to another entity, Burnsville <br />Parkway Estates, LLC. The City has been notified of this change, and has been asked to sign <br />an "Acknowledgment and Consent" to such changes. The attached resolution authorizes city <br />staff to execute this document. Based upon the City's review of the information provided, the <br />change in ownership does not impact any of the duties or obligations under the existing <br />agreement. <br />Recommendation: <br />Approve Resolution 8892 granting consent to a change in ownership of the Silver Lake <br />Commons project. <br />Respectfully submitted, <br />Mark Beer, Finance Director <br />514562v2 MU210-17 <br />