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CC Regular Session 5. 12. <br /> Meeting Date: 07/26/2022 <br /> By: Sean Sullivan, Community <br /> Development <br /> Information <br /> Title <br /> Adopt Resolution#22-169 Approving Subordination Agreement and Estoppel for Oppidan Project <br /> Purpose/Background: <br /> Purpose: <br /> The purpose of this case is to consider approval of Resolution#22-169 Subordinating the City TIF Agreement and <br /> executing an Estoppel to allow the Oppidan project to obtain financing for its project. <br /> Background: <br /> The City of Ramsey entered into a TIF Agreement,Assessment Agreement and Development Agreement with <br /> Oppidan. Each agreement requires Oppidan performance relating to the construction of the initial project, <br /> establishing minimum assessed values, and outlining the terms of the Pay-Go TIF financing. All terms previously <br /> agreed upon will be in force force and effect. <br /> City TIF Attorney, Mary Ippel from Taft Law,has reviewed the attached Subordination Agreement and <br /> recommends approval. This document protects the City interest and performance requirements for the developer <br /> relating to the transfer to the new ownership entity for each lot and pending financing. <br /> City Attorney Knaak has reviewed the Estoppel and recommends approval. The request for the Estoppel is unusual <br /> because the project is not complete but its necessary for the buyer to obtain financing. The City Attorney has <br /> assured the City that the existing development agreement and the performance requirements outlined by the <br /> Developer are not released as part of this Estoppel. The Estoppel simply confirms that the Developer is currently <br /> not in default. <br /> Notification: <br /> None required <br /> Observations/Alternatives: <br /> The City TIF Attorney, City Attorney and Staff have reviewed the Subordination Agreement and Estoppel and <br /> recommend execution of the attached documents. <br /> Alternatives: <br /> 1)Adopt Resolution#22-169 Approving Subordination Agreement and Estoppel for Oppidan Project(as <br /> presented); subject to City Attorney review. <br /> 2)Adopt Resolution#22-169 Approving Subordination Agreement and Estoppel for Oppidan Project(with <br /> changes); subject to City Attorney review <br /> 3) Something else. <br /> Funding Source: <br /> This item is being covered under Staff duties. <br /> Recommendation: <br />