Adopt Resolution #26-137 Approving the Assignment of Development Agreements; Roers

This case is consider approval of the Assignment of Development Agreements which is typical for a project with this size of Loan  (37.2M) This Assignment of Development Agreement assigns the Lender for Roers all of the rights and interests given to Roers in the Development Agreement. Most significantly, this allows the Lender to step in a cure a default if needed. It is a security measure the bank requires to protect their financial interests. The City has not waived any of our rights or interests under the Development Agreement.
 

None required

Staff is asking the City Council to consider approval of the attached resolution.  This action is a housekeeping item and the City is not relinquishing any of its rights as communicated by the City Attorney.  The Apartment/Mixed Use Project is scheduled to close on June 4th. The City Attorney has reviewed and has approved this document being presented for approval by the City Council.

Alternatives include:

1) Adopt Resolution #26-137 Approving the Assignment of Development Agreements (as presented); subject to City Attorney review
2) Adopt Resolution #26-137 Approving the Assignment of Development Agreements (with changes); subject to City Attorney Review
3) Something else

N/A. There is no cost to the City

City Staff and the City Attorney recommendation is to Adopt Resolution #26-137 Approving the Assignment of Development Agreements (as presented); subject to City Attorney review.

Motion to  Adopt Resolution #26-137 Approving the Assignment of Development Agreements (as presented); subject to City Attorney review