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3.6. EDSR 11-10-2008
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3.6. EDSR 11-10-2008
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11/24/2008 3:26:10 PM
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11/10/2008
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ITEM # 3.6. <br />of <br />~~ REQUEST FOR ACTION <br />aver <br />To Item Number <br />Economic Develo ment Authori <br />Agenda Section Meeting Date Prepared by <br />Consent November 10, 2008 Catherine Mehelich, Director <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider Resolution Approving Assignment of Elk River <br />B <br />i <br />P <br />k <br />us <br />ness <br />ar <br />Contract for Redevelopment Reviewed by <br />Action Requested <br />The EDA is asked to approve the attached Resolution approving assignment of the Contract for Private <br />Redevelopment from Associated Investors of Elk River, Inc. to Ann S. Fischer, Trustee of the Ann S. <br />Fischer Living Trust. <br />Backg rou nd/Discussion <br />In 1999 the EDA entered into a Contract for Private Redevelopment with Associated Investors of Elk <br />River, Inc., Fischer Sand & Aggregate, LLP, and Elk River Business Park, LLC (collectively referred to as <br />the "Redeveloper") for the purpose of facilitating the redevelopment of the area that is now largely <br />occupied by Home Depot, Wal-Mart and related retail developments. <br />Associated Investors of Elk River, Inc. recently submitted a formal request for the EDA's consent to the <br />assignment of their right, title and interest in the TIF Contract to Ann S. Fischer. The reason for the <br />request is that the only asset of Associated Investors is the TIF proceeds, and Associated Investors wants <br />to distribute the proceeds, in 2008, to its sole shareholder. The assignment does not include any rights, <br />title and interests by the remaining Redeveloper entities, Fischer Sand & Aggregate, LLP and Elk River <br />Business Park, LLC. <br />The Contract provides that such transfers or assignments must be approved by the EDA, but that the <br />EDA must approve them unless it determines that the ability of the Redeveloper to perform its <br />obligations under the contract will be materially impaired by the assignment. Since the Redeveloper has <br />completed its obligation under the Contract, the requirements for approval of the assignment have been <br />met. <br />Staff therefore recommends approval of the assignment as allowed under the Contract. In addition, <br />Associated Investors completed all of the improvements on the retail site as required under the Contract. <br />Completion of the minimum improvements is in process of being completed by Elk River Business Park, <br />LLC. <br />Attachments <br />• Resolution 08-_ Approving the Assignment <br />S:\FDA\TIF\TIF19\11.10.08 Action Requested F,DA.doc <br />
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