Title
RESOLUTION AUTHORIZING A CERTIFICATE OF COMPLETION AND RELEASE OF FORFEITURE RELATED TO DEVELOPMENT AGREEMENT WITH IKONICS CORPORATION
Body
RESOLVED, by the Duluth Economic Development Authority (“DEDA”), that the proper DEDA officials are hereby authorized to execute a Certificate of Completion and Release of Forfeiture, substantially in the form of that attached hereto, as conclusive determination of satisfaction of the construction obligations of Ikonics Corporation undertaken pursuant to DEDA Contract No. 08 860 539.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this Resolution is to authorize the furnishing of a certificate of completion and release of forfeiture related to DEDA’s Development Agreement with Ikonics Corporation for a facility located at the Atlas site. The Development Agreement lacked the proper terms that would provide for DEDA’s Executive Director to furnish a certificate of completion that would release DEDA’s right of re-entry to the project. The current owners of the property, Second Harvest Food Bank, are requesting this action to clean title to the property as it seeks financing for renovations for Second Harvest’s new operation center on the property.