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City of <br />�. <br />Pequott <br />Lakes— <br />AGENDA ITEM #11.8 <br />REPORT TO <br />CITY COUNCIL <br />Date: November 1, 2011 <br />Subject: TIF 1 -9, 30 Day Default Notice <br />Report: The City sent a 30 -day notice of default letter to <br />Lime Greenery on September 16th. The 30 days has <br />expired. <br />Paul Sandelin has offered the following information: <br />The Development Agreement provides that if the default has not been cured that <br />the city may.- <br />• Suspend its performance under the agreement. <br />• Cancel and rescind the agreement. <br />• Take action to enforce the agreement (more detail on this in the <br />agreement). <br />Even though the default letter has gone out it is ultimately up to the city to decide <br />if it wants to take the next step and ultimately decertify the district. The city could <br />certainly take this in another direction and do nothing at this point and wait to see <br />what happens with a sale and decide if it will authorize assigning the <br />development agreement and tax increment to another owner. <br />The EDC met and discussed this issue at its October 18th <br />meeting. The EDC passed the following motion: <br />