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11.01 - TIF 1-9 Reassignment
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03-06-2012 Council Meeting
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11.01 - TIF 1-9 Reassignment
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■ Resolution also approves the Agreement (which is attached). <br />\.. <br />•'• Develonment A�reement <br />. . <br />The original Development Agreement is attached for your review and <br />information. <br />Council Action ReQUested: The following Council motions are required <br />for this transaction: <br />1. Council motion adopting attached Resolution approving assignment <br />of development agreement from Brett and Sarah Dale, LLC to Lakes State <br />Bank. <br />2. Council motion adopting attached Resolution approving and <br />authorizing the execution of an assignment and assumption of rights and <br />obligations agreement by and between Lakes State Bank and Clement <br />Enterprises. <br />� 3. Council motion authorizing the payment of the following tax <br />increments provided the costs associated with the assignment are paid by <br />Lakes State Bank: August l, 2011 tax increment in the amount of $2,938.01 <br />and February 1, 2012 tax increment in the amount of $2,938.01. <br />� <br />
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