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City of <br />�- <br />Pequott <br />Lakes— <br />AGENDA ITEM #11.2 <br />REPORT TO <br />CITY COUNCIL <br />Date: April 6, 2010 <br />Subs: Assignment of Tax Abatement <br />Agreement /SuperValu <br />Report: Paul Sandelin has prepared the attached <br />document for Council approval. This is an assignment of <br />tax abatement agreement by Quisberg to Bremer Bank for <br />collateral for the financing for the grocery store. In order <br />for the assignment to be effective the City must approve <br />and sign a consent to the assignment. The Tax Abatement <br />Agreement allows for an assignment like this (it is standard <br />operating procedure for a bank to request this as collateral <br />for its loan with a developer). Paul Sandelin has reviewed <br />the assignment and consent and has indicated that <br />everything is in order. <br />Council Action Requested: Council motion approving the <br />Assignment of Tax Abatement Agreement for SuperValu <br />and authorizing the Mayor and Clerk to sign the document. <br />S: \Sandy Documents \City Clerk \Council Meetings\2010 CC Agenda Items \040610 Council Meeting\Assigmnent of Tax Abatement Agreement.doc <br />