11.01 - TIF 1-9 Reassignment - Laserfiche WebLink

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� Extract of Minutes of a Meeting of the City Council of the City of Pequot Lakes, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot Lakes, Minnesota, was duly held at the City Hall in said City on Tuesday, the 6th day of March, 2012, at P.M. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION APPROVING ASSIGNMENT OF DEVELOPMENT AGREEMENT WHEREAS, the City Council entered into a Development Agreement, dated as of October 1, 1999, (the "Development Agreement") with Brett and Sarah Dale, LLC, a Minnesota limited liability company (the "Developer"). WHEREAS, the Developer assigned all of its right, title and interest in the Development Agreement to Lakes Street Bank, a state chartered bank organized and existing under the laws of the State of Minnesota by an Assignment of Development Agreement and Tax Increment � Finance Benefits Agreement (the "Assignment") dated as of July _, 2011, in connection with its execution of a Deed In Lieu of Foreclosure Agreement. BE IT RESOLVED by the City Council of the City of Pequot Lakes, Minnesota (the "City"), that the City Council hereby approves the Assignment subject to payment of all legal fees incurred in the preparation of this resolution and authorizes the Mayor and City Clerk to execute a consent to Assignment if required by Lakes Street Bank. The motion for the adoption of the foregoing resolution was duly seconded by member , and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. Mayor Attest: � Clerk 4504436v2