4.7.
CC Regular Session
- Meeting Date:
- 01/14/2014
- By:
- Ted LaFrance, Administrative Services
Information
Title
Approve the Certificate of Completion for Professional Properties
Purpose/Background:
Professional Properties is requesting to close their Contract for Private Development Agreement (herein referred to as the “Agreement”) with the City of Ramsey which entails signing a Certificate of Completion which closes the Agreement. This approval removes the Minimum Assessment Agreement, the reason a request to close was submitted. It also removes a lien the City placed on the property as security (value of $100,000).
In April of 2005 the City of Ramsey and Professional Properties LLC (also known as Bertolas and Pekula) entered into a Contract for Private Development (as attached). The City created a TIF district to make land available for development by Professional Properties. The Agreement required the Developer, Professional Properties, to construct a combined office/manufacturing/warehouse facility and in return the property was provided to them (value of $100,000). The Developer agreed to maintain operations for at least five (5) years after the benefit date as well as create four (4) fulltime jobs that pay $14/hr or greater within two years of the benefit date.
The Certificate of Completion (as attached) is past due for approval as the Agreement has been satisfied. Professional Properties still owns its facility.
In April of 2005 the City of Ramsey and Professional Properties LLC (also known as Bertolas and Pekula) entered into a Contract for Private Development (as attached). The City created a TIF district to make land available for development by Professional Properties. The Agreement required the Developer, Professional Properties, to construct a combined office/manufacturing/warehouse facility and in return the property was provided to them (value of $100,000). The Developer agreed to maintain operations for at least five (5) years after the benefit date as well as create four (4) fulltime jobs that pay $14/hr or greater within two years of the benefit date.
The Certificate of Completion (as attached) is past due for approval as the Agreement has been satisfied. Professional Properties still owns its facility.
Recommendation:
Approve signing the Certificate of Completion for Professional Properties
Action:
Approve signing the Certificate of Completion for Professional Properties
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 01/07/2014 06:08 AM |
- Form Started By:
- tlafrance
- Started On:
- 01/02/2014 10:28 AM
- Final Approval Date:
- 01/07/2014