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CC Regular Session <br />Date: 11/23/2010 <br />By: Jo Thieling <br />Administrative Services <br />Information <br />Title: <br />Consider Amending QDP & JBT Alliance TIF Agreement <br />Background: <br />Item #: 5. 4. <br />In October 2009, the City entered into a TIF Development Agreement with QDP & JBT Alliance LLC, which is a <br />Minnesota limited liability company comprised of QDP Properties, LLC and JBT, LLC. The plan for the Alliance <br />LLC was that it would build and own a building on Sunfish Lake Boulevard to be occupied by both of the <br />individual LLCs. The City's TIF Agreement provided for subsidy in the form of land, which was RLS No. 251. The <br />City conveyed the land to the Alliance and the building was built. Since then, the two LLCs have decided to go <br />their separate ways as to the building ownership. The building built is a zero lot line or common wall structure so <br />each entity can easily occupy their separate space and the land has now been replatted as a Common Interest <br />Community (CIC). <br />For their permanent financing requirements, the two LLCs are asking the City to amend its TIF Agreement, <br />assigning to each separate LLC one -half of the subsidy and, of course, each entity will assume one -half of the TIF <br />Agreement's obligations. The TIF Agreement does provide for assignment and assumption. <br />Recommendation: <br />Authorize an amendment to the referenced TIF Agreement to permit an assignment and assumption of one -half of <br />its benefits and obligations. <br />Council Action: <br />Motion to authorize an amendment to the October 14, 2009 Contract for Private Development Between the City of <br />Ramsey, Minnesota, and QDP & JBT Alliance, LLC, by permitting it to be assigned and assumed equally by QDP <br />Properties, LLC, a Minnesota limited liability company, and JBT, LLC, a Minnesota limited liability company. The <br />final legal form of the new documents are subject to City Attorney review and direction. <br />Form Review <br />Inbox Reviewed By Date <br />Jo Thieling (Originator) Jo Thieling 11/18/2010 12:32 PM <br />Heidi Nelson Heidi Nelson 11/18/2010 02:10 PM <br />Kurt Ulrich Jo Thieling 11/18/2010 03:37 PM <br />Form Started By: Jo Thieling Started On: 11/18/2010 12:24 PM <br />Final Approval Date: 11/18/2010 <br />