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Item No 6A Meeting Date: December 27, 2018 Type of Business: EDA Administrator Review : ____ City of Mounds View Staff Report To: EDA President and Commissioners From: Brian Beeman, Business Development Coordinator Item Title/Subject: Resolution 18-EDA-318, A Resolution Approving the Assignment Agreement for the Skyline Motel Property Introduction: The EDA has been in continued discussions with the Landon Group in consideration of the purchase of the Skyline Motel property. Discussion: Staff has continued discussions with various individuals and entities associated with the Skyline Motel property, and has obtained information regarding relocation costs and reimbursement costs in the event that the EDA wishes to purchase the property. The Board can consider this information and decide whether it wishes to enter into an assignment agreement, which will be available during the meeting, through which it would agree to purchase the property and incur said additional expenses. Steve Carlson from Evergreen Land Services is a relocation specialist and will be present to answer any questions regarding relocation. Steve’s report will be made available before the meeting. Becky Landon is the CEO of Newport Midwest, LLC, the entity that was originally going to purchase and develop the property, and she will also be present to answer any questions and discuss the potential assignment. Scott Riggs will be present from Kennedy & Graven to discuss and answer questions related to this transaction. Recommendation: Consider Adopting 18-EDA-318 A Resolution Approving the Assignment Agreement for the Purchase of the Skyline Motel Property. Respectfully submitted, ________________________ Brian Beeman Business Development Coordinator Attachments: 1) None (Resolution 18-EDA-318 and the Assignment Agreement will be available at the meeting)