12-12-2022 Council Packet - Laserfiche WebLink

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AGENDA ITEM Prepared By: mcc Reviewed By: LLO Approved By: 1. Purpose. To approve an amendment to the Development Agreement for Crystal Bay Business Center 2nd Addition documenting the change in responsible party. 2. MN§15.99 Application Deadline. Not applicable. 3. Background/ Summary. The City and the original developer of Crystal Bay Business Center, Ryan Companies, entered into a Development Agreement on December 5, 2007. Pine Corner Properties, LLC, is selling their property located at 450 and 550 Old Crystal Bay North (Lot 1 and 2, Block 1, Crystal Bay Business Center 2nd Addition). As part of the sale, Pine Corner Properties LLC is assigning their obligations under the Crystal Bay Business Center Development Agreement with the City to the buyer Certified Holdings LLC. Certified Holdings, LLC has asked to assume the rights and obligations of the Development Agreement, as amended. In response to this request, the seller’s attorney has drafted an Assignment agreement which in effect amends certain sections of the Development. No changes to land use or character of the project is amended. Upon receipt of the replacement letter of credit from Certified Holdings LLC in the amount of $154,025.79 for the remaining improvements as contemplated by the terms of the attached Assignment, the City shall immediately return the Pine Corner Properties LLC’s letter of credit. 4. Staff Recommendation. Staff recommends approval of the Assignment. COUNCIL ACTION REQUESTED Motion to accept the Assignment as drafted. Exhibits Exhibit A. Assignment Agreement Item No.: 11 Date: December 12, 2022 Item Description: Assignment of Development Agreement – Crystal Bay Business Center Presenter: Melanie Curtis Planner Agenda Section: Consent Agenda