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Case #l 0: Assignment of Sharp and Associates, L.L.C. TIF Agreement <br /> <br />City Atlorncy Goodrich advised the City is a party to a TIF Contract for Private Development <br />with I1 & 1> Development L.L.C. ("H & P"), dated August 27, 2004. The subject of the <br />l)evclopmcnt Agreement is Lot 1, Block 1, Park 67 Industrial Park. The Development <br />Agreement is in effect until December 31, 2012. The terms of the Agreement state that the <br />subject property needs to generate at least $21,000 in Tax Increment per year. The parties desire <br />lhat ,$.I~.K.W., IJLC and Hassan Properties Partnership, LLC be permitted to assume Sharp and <br />Associalcs, LLC obligations pursuant to the Development Agreement. An assignment and <br />Assumption Agreement executed by S.K.K.W. LLC, Hassan Properties, LLC, Sharp and <br />Associalcs, LLC and the City would effectively transfer the obligations of the Development <br />Agreement to S.K.K.W., LLC and Hassan Properties Partnership, LLC. He advised the City has <br />obtained a certificate of good standing from the Secretary of State for S.K.K.W., LLC and <br />I lassan l'ropertics Partnership, LLC confirming that they are a properly formed Limited Liability <br />P~trtner.ships under the laws of Minnesota. <br /> <br />Cotmcilmcmber Elvig inquired if this change will release Mr. Sharp from any personal <br />gtmrantecs. <br /> <br />City Attorney Goodrich replied Mr. Sharp does not have any personal guarantees; the obligations <br />arc on thc property. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Jeffrey, to enter into the <br />Assignment and Assumption Agreement with Sharp and Associates, LLC, S.K.K.W.,LLC and <br />t lassan Properties Partnership, LLC, by which Agreement the City releases Sharp and <br />Associates, LLC fi'om its obligations and permits S.K.K.W., LLC and Hassan Properties <br />Partnership, LLC to assume those obligations of development as required by that certain TIF <br />I)evclopmcnt Agreement between Sharp and Associates, LLC and the City dated August 27, <br />2004 and relating to the property described as Lot 1, Block 1, Park 67 Industrial Park. <br /> <br />Mr~tion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Jeffrey, Cook, Elvig, <br /> and Pearson. Voting No: None. <br /> <br />MAYOR, COUNCIL AND STAFF INPUT <br /> <br />City Administrator Norman announced the City Employee Picnic will be tomorrow at the City <br />l lall Campus. Councilmembers are welcome to attend. <br /> <br />Mayor (;amcc announced there is a Metropolitan Council Workshop scheduled for Wednesday, <br />Oclobcr ] 9th. <br /> <br />Mayor (}amec noted there is a joint Council/Planning Commission meeting scheduled for <br />Oclobcr 24t~. City Administrator Norman indicated the meeting is not confirmed at this time; <br />i~ fimnati on regarding the meeting will be included in the Weekly Update. <br /> <br />City Council / October 11, 2005 <br /> Page 16 of 17 <br /> <br /> <br />