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MEMORANDUM <br />To: <br />From: <br />Date: <br />Regarding: <br />St. Anthony Village Housing and Redevelopment Authority <br />Charlie Yunker, Executive Director <br />March 23, 2021 HRA Meeting <br />Termination of Land Swap Agreement <br />BACKGROUND <br />On October 22, 2020 the HRA approved Resolution 2020-06 approving the Land Swap Agreement between <br />Bremer Bank and the Housing and Redevelopment Authority of St. Anthony. Where Bremer Bank, N.A. would <br />acquire the city owned parcel at 2654 Kenzie Terrace, and the city would acquire the .32 acre Bremer Bank <br />owned property at 2534 Kenzie Terrace at the intersection of Kenzie Terrace and Lowry Ave NE for a new City <br />Gateway entrance node. <br />This was the initial step in a three-party project between Trident Development, LLC, Bremer Bank, N.A. and the <br />City of St. Anthony. The project was planned to be Trident proposing a senior living facility on the existing <br />Bremer Bank site, which will be constructed after the new Bremer Bank facility is completed on the currently <br />city-owned property, and the bank can occupy its new location. <br />Subsequent to the approval Trident Development, LLC withdrew from the project, and the closing of the land <br />swap did not take place. After continuing discussions with Bremer Bank, N.A. it was determined that the bet <br />course of action was to terminate the agreement until such time as a new third-party can be identified to <br />continue the project. <br />As a result, Bremer Bank, N.A. drafted the attached Notice of Termination. <br />ATTACHMENTS: <br />1)Notice of Termination <br />145