Agenda - Council - 03/24/2015 - Laserfiche WebLink

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BRIGGS AND MORGAN Agreement is fully executed and recorded, the only significant obligations the Development Agreement will impose on the owner of the development are a contractual obligation to pay real estate taxes and to indemnify and defend the City in the event a third -party commences litigation related to the development or the Development Agreement and names the City as a party. The City's remedy in the event the owner of the development property breaches one of these two obligations, will be to commence an action for damages against the owner in Anoka County District Court. (b) Development Agreement Estoppel. This is a simple estoppel certificate, pursuant to which the City confirms, for the benefit of F&C, Residence at the COR Apartments LLC and PNC Bank, that the Development Agreement, as recorded in the Anoka County Land Records, is a true, accurate and complete copy of the Development Agreement, that the only amendments to the Development Agreement are as described in the Estoppel Certificate, and that to the City's knowledge, F&C is not currently in default in the performance of any of its obligations under the Development Agreement. (c) PUMA Estoppel. As with the Development Agreement Estoppel, the purpose of the PUMA Estoppel is to certify, for the benefit of F&C, Residence at the COR Apartments, LLC and PNC Bank that the recorded copy of the Amended and Restated Parking Use and Maintenance Agreement, as amended by the First Amendment to Amended and Restated Parking Use and Maintenance Agreement, are true, correct and complete copies of the Agreement, that the Agreement has not otherwise been amended and that to the best of the City's knowledge, F&C is not in default of the performance of its obligations under the Amended and Restated PUMA Agreement, as amended. (d) Assignment of Development Agreement. The Assignment of Development Agreement is an agreement between F&C Ramsey Apartments, LLC, F&C Ramsey, LLC and Residence at the COR Apartments LLC, pursuant to which F&C Ramsey Apartments, LLC and F&C Ramsey, LLC assign their rights and obligations under the Development Agreement, including the right to receive the TIF Note, to Residence at the COR Apartments LLC. The City is asked to sign this Agreement to acknowledge its consent to the assignment. (e) TIF Note. Upon the repayment of Loan No. 2 in connection with the closing, the City is obligated to issue the TIF Note. Since, at that time, F&C Ramsey, LLC will have assigned its rights under the Development Agreement to receive the TIF Note to Residence at the COR Apartments LLC, the City will issue TIF Note directly to Residence at the COR Apartments LLC. (f) Collateral Assignment. Residence at the COR Apartments LLC, will collaterally assign its rights under the Development Agreement and its rights under the TIF Note to PNC Bank as a part of its acquisition financing. The City is being asked to sign the Collateral Assignment to evidence its consent to the Collateral Assignment of the Development Agreement and the TIF Note. 3 6983737v1