Adopt Resolution #24-006 Declaring Development Agreement Satisfied and Authorizing Release from Property - The Sapphire Apartments (7555 145th Ave NW); Case of Partner Apartments

The City has been contacted by Partner Apartments, on behalf of PA Sapphire Apartments LLC, the fee title owner of 7555 145th Ave NW (the "Subject Property"), requesting the release of the development agreement for COR SAPPHIRE ADDITION.  The desire to get the release is so that the Development Agreement no longer shows up on the Subject Property's title. It is not uncommon for a property owner to request release from a satisfied development agreement, especially when a property is sold.  Assuming the City Council adopts Resolution #24-006, the property owner would be responsible for recording the resolution with the Anoka County Recorder's Office, officially releasing the Subject Property from the development agreement.

City Staff have verified that all requirements and conditions of the development agreement have been satisfied.

 

Notification is not required.

This request is being handled as a normal part of staff's duties.  Recording costs are the responsibility of the property owner.  

Staff recommends approval of Resolution #24-006.

Motion to adopt Resolution #24-006 Declaring the COR SAPPHIRE ADDITION Development Agreement Fully Satisfied and Authorizing Release from the Subject Property.