[Revised] Adopt Resolution #20-012 Approving Release of Multiple Agreements and Mortgage for Stone Brook Academy: Case of MK Johnson Properties, LLC  

This case has been revised since original publication. The only change is correction of a typo - Business Official Name in Resolution #20-012.

Purpose:
Adopt resolution approving release of Development Agreement, Right of Re-Entry Agreement, Resolution #17-08-200 and Mortgage for Lot 1, Block 1 COR Stone Brook Academy for MK Johnson Properties, LLC.

Background:
MK Johnson Properties, LLC notified the City that is was selling the real estate located at 7800 Sunwood Drive NW to another daycare provider and that it would be paying off the City Revolving Loan Fund mortgage and needed releases of other city documents as part of the transaction.  The closing date is scheduled for  January 17, 2020.  The loan payments are current and there is no prepayment penalty.  Issuance and provision of the Satisfaction of Mortgage would be dependent on the closing and payment of the mortgage in full.  Requirements of the Development Agreement, Resolution #17-08-200 and the Right of Re-Entry Agreement have been met and can be released. 

N/A

Staff is asking the City Council to consider the following alternatives.  

The City Council could:

1) Adopt Resolution #20-012 Approving Release of Multiple Agreements and Mortgage for Stone Brook Childrens Academy

2) Adopt Resolution #20-012 with changes

3) Something Else

N/A

Staff recommends adoption of Resolution #20-012  Approving Release of Multiple Agreements and Mortgage for Stone Brook Childrens Academy; subject to City Attorney approval.








 

Motion to adopt Resolution #20-012  Approving Release of Multiple Agreements and Mortgage for Stone Brook Childrens Academy; subject to City Attorney approval.