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5. 14. <br />CC Regular Session <br />Meeting Date: <br />Primary Strategic Plan Initiative: <br />04/22/2025 <br />Title: <br />Adopt Resolution #25-089 Approving the Assignment and Assumption of Tax Increment Financing (TIF) <br />Agreement <br />Purpose/Background: <br />Purpose: The owners of the Residence at the COR Apartments - Residence at the COR Apartments, LLC, are <br />planning to refinance the apartment building and go through a different lender. The current lender is PNC Bank <br />and they would like to refinance with Lument Real Estate Capital, LLC. They need the City's consent to do so, as <br />the City has issued a $3,000,000 TIF note on said property. There is currently a balance of approximately <br />$1,276,000 owing on said note, with the note expected to be paid by February 2032. <br />Background: Residence at the COR Apartments LLC purchased the apartment building from F&C Ramsey, LLC <br />in 2015. On April 9, 2015, Residence at the COR Apartments LLC entered into a Collateral Assignment of <br />Development Agreement and TIF Note between the Residence at The COR Apartments LLC and PNC Bank. See <br />copy of attached Collateral Assignement of Development Agreement and TIF Note and respective memorandum <br />from Briggs and Morgan (now Taft) outlining various actions relating to the F&C Ramsey sale of the Residence <br />at the COR apartment building to Residence at the COR Apartments LLC in 2015. <br />Marin Magill, attorney with TAFT Law, reviewed the current request and related documents: Subordination <br />Agreement and Collateral Assignment of Development Agreement and TIF Note. Her recommendations have <br />been incorporated into the final documents attached. <br />Notification: <br />As noted, Maren Magill with Taft Law reviewed all documents and drafted related resolution. <br />Recommendation: <br />Recommend to Approve Resolution #25-089 Approving the Assignment and Assumption of Tax Increment <br />Financing (TIF) Agreement. <br />Outcome/Action: <br />Motion to Approve Resolution #25-089 Approving the Assignment and Assumption of Tax Increment <br />Financing (TIF) Agreement. <br />Attachments <br />Reso #25-089 Assignment & Assumption Residence at the COR <br />2015 Collateral Assignment of Dev Agree & TIF Note & Briggs Memo <br />Consent to Collateral Assignment of TIF Note & Redevelopment Agreement <br />Subordination Agreement - Residence at the COR <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 04/18/2025 01:19 PM <br />