Title
RESOLUTION AUTHORIZING AN ADDENDUM TO DEDA CONTRACT NO. 15 860 770 WITH LIFT BRIDGE PARTNERS LLC AND AN ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN LIFT BRIDGE PARTNERS LLC AND ENDI PLAZA LLC TO FACILITATE THE CONVEYANCE OF THE ENDI PROPERTY DEVELOPMENT AND DEVELOPMENT AGREEMENT TO ENDI PLAZA LLC
Body
CITY PROPOSAL:
RESOLVED, That the proper DEDA officials are authorized to execute the Addendum to Development Agreement (DEDA Contract No. 15 860 770(2)) to the Development Agreement bearing DEDA Contract No. 15 860 770, substantially in the form of attached Exhibit A, between DEDA and Lift Bridge Partners LLC related to the development of the Endi Project and to approve the Assignment and Assumption Agreement, substantially in the form of that attached hereto as Exhibit B, between Lift Bridge Partners LLC and Endi Plaza LLC, all to facilitate the conveyance and transfer of the Endi property, the Endi development and the Endi development agreement to Endi Plaza LLC.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize an Addendum to the Development Agreement with Lift Bridge Partners LLC pertaining to the Endi project and to approve an Assignment and Assumption between Lift Bridge and the entity to which Lift Bridge is proposing to transfer the Endi property, the Endi Development and the Endi Development Agreement.
The Development Agreement required that Lift Bridge give the Executive Director a notice of assignment 30 days prior to the effective date of the assignment to Endi Plaza LLC which is intended to occur on January 27th and which date was inadvertently missed. First, the Addendum would waive that requirement for the purpose of this transaction.
The second function which the Addendum will perform is to modify the terms under which the ownership of the TIF Note can be separated from the property, the development and the development agreement. Presently Paragraph C of Article VIII of the Devel...
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