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AGENDA ITEM <br />Prepared By: mcc Reviewed By: LLO Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. To approve an amendment to the Development Agreement for Crystal Bay Business <br />Center documenting the change in responsible party. <br /> <br />2. MN§15.99 Application Deadline. Not applicable. <br /> <br />3. Background/ Summary. The city and the original developer of Crystal Bay Business Center <br />(CBBC), Ryan Companies, entered into a Development Agreement on December 5, 2007. <br /> <br />In 2018, the city approved reassignment of the CBBC development responsibilities from Ryan <br />Companies to Crystal Cliff LLC. Shortly following, the property was sold from Crystal Cliff LLC to Old <br />Crystal Bay LLC (Jake Barkley). In order to finalize the change in responsible parties Crystal Cliff LLC <br />(the seller) is assigning their obligations under the Crystal Bay Business Center Development Agreement <br />with the City to the buyer Old Crystal Bay LLC. <br /> <br />Crystal Bay LLC has asked to assume the rights and obligations of the Development Agreement, as <br />amended. In response to this request, the buyer’s attorney has drafted an Assignment agreement which in <br />effect amends certain sections of the Development. No changes to land use or character of the project is <br />amended. <br /> <br />Mr. Barkley has already provided a replacement Letter of Credit in an acceptable format in the amount of <br />$400,346.73 for the remaining improvements as contemplated by the terms of the attached Assignment, <br />the City shall immediately return the Crystal Cliff LLC letter of credit. <br /> <br />4. Staff Recommendation. Staff recommends approval of the Assignment. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to accept the Assignment as drafted. <br /> <br />Exhibits <br />A. Assignment Agreement <br /> <br /> <br />Item No.: 10 Date: September 11, 2023 <br />Item Description: Assignment of Development Agreement – Crystal Bay Business <br />Center <br />Presenter: Melanie Curtis <br />Planner <br />Agenda <br />Section: <br />Consent Agenda