Request for Certificate of Completion at 14220 Basalt St NW

In 2008, the City executed a Contract for Private Development (TIF Agreement) with Asset Resources and Acquisition, LLC for a redevelopment project at 14220 Basalt St NW. Exhibit E of said Agreement is entitled the 'Certificate of Completion'. The Certificate of Completion is to be executed upon completion of the minimum improvements. The Agreement defines the minimum improvements as the improvements required of the site plan approval. It appears that those improvements have been completed, and the building has been occupied for a number of years.

 

No notification is required.

It appears that the Minimum Improvements have been completed, and thus, Staff would recommend approval of the Certificate of Completion.

Staff notes that an Outstanding Balance remains on the Statement of Account for the original site plan review escrow. However, the Property has since transferred ownership, and is not controlled by the original Developer/Property Owner. The Outstanding Balance has been sent to a collections agency in an attempt to collect the Outstanding Balance .According to the current Property Owner, a closing is scheduled for the coming weeks. Execution of the Certificate of Completion is necessary to complete marketable title for the Property.

Please note: Staff is still in the process of completing review of all outstanding obligations related to the TIF Agreement with the original Developer. Staff will provide a more detailed update on that analysis at the meeting.

 

Staff recommends approval of the Certificate of Completion, subject to final verification of completion of required improvements and approvals.

Review of the request is being handled as part of regular Staff duties.

Motion to approve Certificate of Completion for 14220 Basalt St NW, contingent upon review by the City Attorney as to legal form and final verification that the Minimum Improvements have been completed.