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CC Regular Session 4. 5. <br />Meeting Date: 08/13/2012 <br />By: Tim Gladhill, Community Development <br />Information <br />Title: <br />Request for Certificate of Completion at 14220 Basalt St NW <br />Background: <br />In 2008, the City executed a Contract for Private Development (TIF Agreement) with Asset Resources and <br />Acquisition, LLC for a redevelopment project at 14220 Basalt St NW. Exhibit E of said Agreement is entitled the <br />'Certificate of Completion'. The Certificate of Completion is to be executed upon completion of the minimum <br />improvements. The Agreement defines the minimum improvements as the improvements required of the site plan <br />approval. It appears that those improvements have been completed, and the building has been occupied for a <br />number of years. <br />Notification: <br />No notification is required. <br />Observations: <br />It appears that the Minimum Improvements have been completed, and thus, Staff would recommend approval of the <br />Certificate of Completion. <br />Staff notes that an Outstanding Balance remains on the Statement of Account for the original site plan review <br />escrow. However, the Property has since transferred ownership, and is not controlled by the original <br />Developer/Property Owner. The Outstanding Balance has been sent to a collections agency in an attempt to collect <br />the Outstanding Balance .According to the current Property Owner, a closing is scheduled for the coming weeks. <br />Execution of the Certificate of Completion is necessary to complete marketable title for the Property. <br />Please note: Staff is still in the process of completing review of all outstanding obligations related to the TIF <br />Agreement with the original Developer. Staff will provide a more detailed update on that analysis at the meeting. <br />Recommendation: <br />Staff recommends approval of the Certificate of Completion, subject to final verification of completion of required <br />improvements and approvals. <br />Funding Source: <br />Review of the request is being handled as part of regular Staff duties. <br />Council Action: <br />Motion to approve Certificate of Completion for 14220 Basalt St NW, contingent upon review by the City Attorney <br />as to legal form and final verification that the Minimum Improvements have been completed. <br />Attachments <br />Site Location Map <br />