Laserfiche WebLink
City of Mounds View Staff Report <br /> August 21, 1997 <br /> Page 4 • <br /> 9. The EDA would agree to give Everest the right to transfer the property and/or assign the <br /> agreement to a third party,prior to the execution of a certificate of completion, subject to <br /> a reasonable creditworthiness standards to be applied to the transferee and the transferee's <br /> assumption of the Development Assistance Agreement. <br /> 10. An interest rate of 8%would be applied to the present value of$1.2 million and would <br /> begin accruing upon the signature of the certificate of completion rather than upon <br /> execution of the agreement. <br /> Conclusions: <br /> The draft development assistance agreement includes the provisions outlined above with the <br /> exception of two terms. If the EDA agrees to extend the date of completion from December 31, <br /> 1999 to December 31, 2002 than I have prepared an alternate resolution that includes this <br /> amendment. In addition, I have added a condition in both forms of the resolution that states that <br /> the execution of the development agreement can not be made until the Developer and the City <br /> successfully negotiate a mutually acceptable Park Dedication Fee. <br /> TIF attorney Jim O'Meara will be present at the meeting to answer any questions the EDA may • <br /> have. If you come across any questions prior to the meeting I can direct them to Mr. O'Meara on <br /> Monday prior to the meeting so that staff can be prepared. <br /> Attachments: <br /> Draft Development Assistance Agreement <br /> Resolution No. 97-EDA67 (Form A& B) <br /> • <br />