8.2. SR 01-19-2021 - Laserfiche WebLink

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ASSIGNMENT AND ASSUMPTION OF TIF DEVELOPMENT ASSISTANCE AGREEMENT THIS ASSIGNMENT AND ASSUMPTION OF TIF DEVELOPMENT ASSISTANCE AGREEMENT (this “Assignment”), made as of this ___ day of _________, 202__, by and between Jackson Hills Residential Suites, LLC, a Minnesota limited liability company (“Assignor”), and GCRE – Jackson Hills, LLC, a Delaware limited liability company (“Assignee”). WITNESSETH: A. The City of Elk River, Minnesota (the “City”) and Assignor entered into that certain TIF Development Assistance Agreement (the “TIF Agreement”) providing, among other things, for the construction of an approximately 40-unit multifamily affordable rental housing development and all related amenities and improvements (the “Minimum Improvements”) on the property legally described within the Agreement (the “Development Property”) within the City. B. Assignor wishes to assign its rights and obligations under the TIF Agreement to Assignee, and to assign to Assignee its right to the Taxable Tax Increment Revenue Note (Jackson Hills Residential Suites, LLC Project) to be issued pursuant to the TIF Agreement (the “Note”), and Assignee wishes to purchase the Development Property and the Minimum Improvements and assume such rights and obligations under the TIF Agreement and accept the assignment of Assignor’s interest in the Note. C. The City and Assignor entered into that certain Declaration of Restrictive Covenants dated June 4, 2018, recorded on October 29, 2020, as Document No. 904036, in the office of the County Recorder in and for Sherburne County, Minnesota (the “Declaration”) establishing certain restrictive covenants concerning the Development Property. D. Assignor wishes to assign its rights and obligations under the Declaration, and Assignee, in purchasing the Development Property, agrees to assume such rights and obligations under the Declaration. 1 518093v1 MNI MN190-95