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CC Regular Session 5. 18. <br />Meeting Date: 01/14/2020 <br />By: Sean Sullivan, Community <br />Development <br />Information <br />Title <br />[Revised] Adopt Resolution #20-012 Approving Release of Multiple Agreements and Mortgage for Stone Brook <br />Academy: Case of MK Johnson Properties, LLC <br />Purpose/Background: <br />This case has been revised since original publication. The only change is correction of a typo - Business Official <br />Name in Resolution #20-012. <br />Purpose: <br />Adopt resolution approving release of Development Agreement, Right of Re -Entry Agreement, Resolution <br />#17-08-200 and Mortgage for Lot 1, Block 1 COR Stone Brook Academy for MK Johnson Properties, LLC. <br />Background: <br />MK Johnson Properties, LLC notified the City that is was selling the real estate located at 7800 Sunwood Drive <br />NW to another daycare provider and that it would be paying off the City Revolving Loan Fund mortgage and <br />needed releases of other city documents as part of the transaction. The closing date is scheduled for January 17, <br />2020. The loan payments are current and there is no prepayment penalty. Issuance and provision of the Satisfaction <br />of Mortgage would be dependent on the closing and payment of the mortgage in full. Requirements of the <br />Development Agreement, Resolution #17-08-200 and the Right of Re -Entry Agreement have been met and can be <br />released. <br />Notification: <br />N/A <br />Observations/Alternatives: <br />Staff is asking the City Council to consider the following alternatives. <br />The City Council could: <br />1) Adopt Resolution #20-012 Approving Release of Multiple Agreements and Mortgage for Stone Brook Childrens <br />Academy <br />2) Adopt Resolution #20-012 with changes <br />3) Something Else <br />Funding Source: <br />N/A <br />Recommendation: <br />