Title
RESOLUTION AUTHORIZING AN EIGHTH AMENDMENT TO AGREEMENT WITH THE LAKEVIEW PROPERTIES LLC MODIFYING THE PROJECT DESCRIPTION, CONDITIONALLY APPROVING A PARTIAL SALE OF THE PROPERTY AND PROJECT, AND ESTABLISHING UPDATED PROJECT MILESTONE DATE REQUIREMENTS.
Body
RESOLVED, by the Duluth Economic Development Authority ("DEDA") that the proper DEDA officials are hereby authorized to enter into an Eighth Amendment to a development agreement (DEDA Contract No. 20 860 954(4)), substantially in the form of Attachment 1 attached hereto, with The Lakeview Properties LLC (the "Developer") amending DEDA Contract No. 19 860 927, modifying the project description, conditionally approving a partial sale of the property and project, and extending the time by which the Developer must complete construction.
FURTHER RESOLVED, that the proper DEDA officials are hereby authorized to acknowledge and accept a joinder agreement of The Lakeview Commercial Properties LLC, substantially in the form attached as Exhibit A to the Eighth Amendment found in Attachment 1, upon the satisfaction of the conditions set forth in the Eighth Amendment.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to amend the development agreement for the Lakeview housing development project to accommodate and approve a partial sale of the Property and Project to an investor of the Project. DEDA's approval of the sale is conditioned upon the Developer creating a common interest community that divides the Lakeview Property into two separate units, with appropriate measures taken by the Developer to retain control and responsibility for the entire Project, while also requiring assurances from the investor of their obligations under the Development Agreement. In connection with this request, the Project description is amended allowing short-term rentals or extended-stay hospitality on floors 3 and 4, preserving 176 units of long-term market rate rental units. DEDA staff rec...
Click here for full text