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AGENDA ITEM <br />Item No.: 12 <br />Date: March 12, 2018 <br />Item Description: Assignment of Development Agreement — Crystal Bay Business <br />Center <br />Presenter: Jeremy Barnhart, Community Agenda Consent Agenda <br />Development Director Section: <br />1. Purpose. To approve an amendment to the Development Agreement for Crystal Bay Business <br />Center changing the responsible party. <br />2. 15.99 Deadline Not applicable <br />3. Background/ Summary. The city and the developer of Crystal Bay Business Center (generally <br />located in the southeast corner of Old Crystal Bay Road and Wayzata Blvd) entered into a Development <br />Agreement on December 5, 2007. The developer was Ryan Companies. Since then, Ryan Companies <br />sold their remaining interest to Crystal Cliff, LLC. At the time of the sale, Crystal Cliff, LLC replaced <br />the financial guarantee original supplied by Ryan Companies. <br />Crystal Cliff, LLC has asked to assume the rights and obligations of the Development Agreement, as <br />amended. In response to this request, the City attorney has drafted an Assignment agreement which in <br />effect amends certain sections of the Development, outlined in page 2 of the agreement. No changes to <br />land use or character of the project is amended. <br />4. Staff Recommendation. Staff recommends approval of the amendment as drafted. <br />COUNCIL ACTION REQUESTED <br />Motion to accept the Assignment as drafted. <br />Exhibits <br />Exhibit A. Assignment document <br />Prepared By: J. Barnhart <br />Reviewed By: JS)�a <br />Approved By: -Sb9a <br />