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CASE # <br /> <br />ASSIGNMENT OF SHARP AND ASSOCIATES. L.L.C. <br /> TIF AGREEMENT <br /> <br /> By: William K. Goodrich, City Attorney <br />Scan M. Sullivan, Economic Development/TIF Specialist <br /> <br />Background: <br /> <br />'l't:e City is a party to a TIF Contract for Private Development with H & P Development L.L.C. ("H <br />& P"), dated August 27, 2004. The subject of the Development Agreement is Lot 1, Block 1, <br />PARK 67 INDUSTRIAL PARK. The Development Agreement is in effect until December 31, <br />2012. ri'he terms of the Agreement state that the subject property needs to generate at least $21,000 <br />in Fax Increment per year. <br /> <br />Thc pm'tics desire that S.K.K.W., LLC and HASSAN PROPERTIES PARTNERSHIP, LLC be <br />permitted to assmne SHARP AND ASSOCIATES, LLC obligations pursuant to the Development <br />Agreement. An Assignment and Assumption Agreement executed by S.K.K.W. LLC, HASSAN <br />PROPERTIL:S, LLC, SHARP AND ASSOCIATES, LLC and, the City would effectively transfer <br />thc obligations of the Development Agreement to S.K.K.W., LLC and HASSAN PROPERTIES <br />P/X RTNI",I~SI liP, LLC. <br /> <br />Thc City has obtained a certificate of good standing from the Secretary of State for S.K.K.W., LLC <br />m~tt [IASSAN PROPERTIES PARTNERSHIP, LLC confirming that they are a properly formed <br />t ~i~nitcd lfiability Partnerships under the laws of Minnesota. <br /> <br />[~}n clost~ <br /> <br />/\s.signmcnt and Assumption Agreement <br /> <br />Council Action: <br /> <br />Motion i~)r thc City to enter into the Assignment and Assumption Agreement with SHARP AND <br />ASSO(JIATt,;S, LLC, S.K.K.W., LLC and HASSAN PROPERTIES PARTNERSHIP, LLC, by <br />xvhid~ Agreement the City releases SHARP AND ASSOCIATES, LLC. From its obligations and <br />pcmaits S.K.K.W., LLC and HASSAN PROPERTIES PARTNERSHIP, LLC to assume those <br />r~loligations o1' development as required by that certain TIF Development Agreement between <br />,'~1 I3, I{1' AND ASSOCIATES, LLC and the City dated August 27, 2004 and relating to the property <br />described as l~ot 1, Block 1, PARK 67 INDUSTRIAL PARK. <br /> <br />Review Checklist: <br /> <br />Community Development Director <br /> <br /> <br />