In October 2009, the City entered into a TIF Development Agreement with QDP & JBT Alliance LLC, which is a Minnesota limited liability company comprised of QDP Properties, LLC and JBT, LLC. The plan for the Alliance LLC was that it would build and own a building on Sunfish Lake Boulevard to be occupied by both of the individual LLCs. The City’s TIF Agreement provided for subsidy in the form of land, which was RLS No. 251. The City conveyed the land to the Alliance and the building was built. Since then, the two LLCs have decided to go their separate ways as to the building ownership. The building built is a zero lot line or common wall structure so each entity can easily occupy their separate space and the land has now been replatted as a Common Interest Community (CIC).

 

 

For their permanent financing requirements, the two LLCs are asking the City to amend its TIF Agreement, assigning to each separate LLC one-half of the subsidy and, of course, each entity will assume one-half of the TIF Agreement’s obligations. The TIF Agreement does provide for assignment and assumption.

 

Authorize an amendment to the referenced TIF Agreement to permit an assignment and assumption of one-half of its benefits and obligations.

 

Motion to authorize an amendment to the October 14, 2009 Contract for Private Development Between the City of Ramsey, Minnesota, and QDP & JBT Alliance, LLC, by permitting it to be assigned and assumed equally by QDP Properties, LLC, a Minnesota limited liability company, and JBT, LLC, a Minnesota limited liability company. The final legal form of the new documents are subject to City Attorney review and direction.