4.7.
CC Regular Session
- Meeting Date:
- 05/28/2013
- Submitted For:
- Kurt Ulrich
- By:
- Bill Goodrich, Administrative Services
Information
Title:
Consider release of Assessment Agreement regarding Professional Properties, LLC. (Bertolas and Pekula building).
Background:
In 2005 the City entered into a Tax Increment Financing (TIF) Agreement with Professional Properties, LLC. The building is occupied by the Bertolas and Pekula Accounting firm. The TIF Agreement relates to the property located at 6575 - 141st Avenue NW. Amongst other things the TIF Agreement requires the minimum value of the subject property to be maintained at $1,500,000 pending repayment to the City of the Financial Assistance the City gave to the Developer. The City's Finance Director has advised that the financial assistance of $100,000 has been repaid to the City through the tax increments. The maturity date of the TIF Agreement is December 31, 2012 or the date when the financial assistance has been paid.
Notification:
NA
Observations:
All terms of the TIF Agreement have been complied with and it is therefore reasonable to release the Assessment Agreement as requested. Apparently the property owner is interested in contesting the present Anoka County assessed value of its property. Without the release of the Assessment Agreement, the property owner is prohibited from such a contest.
An alternative of course is to deny the request, but since all obligations to the City have been complied with this does not seem a viable alternative.
An alternative of course is to deny the request, but since all obligations to the City have been complied with this does not seem a viable alternative.
Recommendation:
Authorize the release of the Assessment Agreement which is a separate document agreed to in the original April 1, 2005 TIF Agreement.
Funding Source:
NA
Council Action:
Motion to release the Assessment Agreement encumbering the property located at 6575 - 141st Avenue NW and legally described as The North 200 feet of the South 233 feet of the West 200 feet of the East 1146 feet of the South Half of the Southeast Quarter of Section 27, Township 32, Range 25, Anoka County, Minnesota. The Assessment Agreement is a separate Agreement attached to the April 1, 2005 Contract for Private Development between The City of Ramsey, Minnesota and Professional Properties, LLC, a Minnesota Limited Liability Company.
Said Agreement was recorded on July 12, 2005 as Anoka County Recorder's document #1976598.007.
Said Agreement was recorded on July 12, 2005 as Anoka County Recorder's document #1976598.007.
Attachments
No file(s) attached.
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Diana Lund | Diana Lund | 05/22/2013 11:43 AM |
| Kurt Ulrich | Kurt Ulrich | 05/23/2013 03:59 PM |
- Form Started By:
- bgood
- Started On:
- 05/22/2013 10:20 AM
- Final Approval Date:
- 05/23/2013