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� <br />� <br />`.. <br />City of <br />Pequot <br />Lakes.- <br />Date: <br />Subiect: <br />AGENDA ITEM #11.1 <br />REPORT TO <br />CITY COUNCIL <br />March 6, 2012 <br />Reassignment of TIF 1-9 Development Agreement <br />Reaort: Briggs and Morgan have drafted the attached documents which <br />reassigns the tax increment to the new owners of the Lime Greenery <br />property. <br />❖ Assi nment and Assumption of Ri�hts and Obli�ations A�reement — <br />■ The Agreement explains that Lakes State Bank has assumed all rights <br />and interest to the Developer's Agreement and Tax Increment Finance <br />Benefits Agreement between Brett and Sarah Dale as of July, 2011. <br />■ The Agreement then assigns its rights from Lakes State Bank to the <br />new Assignee (Clement Enterprises, LLC). <br />■ The Agreement acknowledges payment of tax increments to Lakes <br />State Bank from 8-1-11 through 2-1-12 in the amount of $5,876.02 <br />and all future payments to be made to Clement Enterprises. <br />■ The Agreement requires the Assignee (Clement Enterprises, LLC to <br />fulfill the obligations of the existing Development Agreement. <br />❖ Resolution Aaaroving Assignment of Develoument A�reement <br />■ This Resolution approves the assignment of the development <br />agreement from Brett and Sarah Dale, LLC to Lakes State Bank. <br />❖ Resolution Anarovin� and Authorizin� the Egecution of an <br />AssiEnment and Assumntion of Ri�hts and Obli�ations A�reement <br />■ Authorizes the assignment of Lakes State Bank's interest to Clement <br />Enterprises, LLC. <br />