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<br /> <br />Request for Action <br />ToItem Numbe <br /> <br />r <br /> <br />Economic Development Authority 3.5 <br />Agenda SectionMeeting DatePrepared by <br /> <br /> <br />ConsentApril 18, 2016Amanda Othoudt, EDD <br />Item DescriptionReviewed by <br /> <br />Administrative Correction to the Certificate of Cal Portner, City Administrator <br />Reviewed by <br />Completion for 18025 Zane Street <br /> <br />Action Requested <br />Approve, by motion, an administrative correction to the certificate of completion for 18025 Zane Street <br />NW <br />Background/Discussion <br /> <br />Staff has been working with an attorney representing the owner of 18025 Zane Street who is looking to <br />refinance the existing mortgage on the property. The subject property is located in the former TIF 19 <br />district. <br />During title research, Commercial Partners Title found a discrepancy with the Certificate of Completion <br />of the Contract for Private Redevelopment between The Economic Development Authority and the <br />Associated Investors of Elk River, Inc., Fischer Sand & Aggregate, LLP and Elk River Business Park, <br />LLC that was recorded on 9/20/2013. <br /> <br />The Certificate of Completion references Section 4.4 Failure to Complete Minimum Improvements, and <br />should instead have referenced Section 4.3 Certificate of Completion. <br /> <br />The drafted certificate of completion document references the original document number and the correct <br />section number. <br />Financial Impact <br /> <br />None <br /> <br />Attachments <br />Contract for Private Redevelopment (July 30, 1999) <br />Recorded Certificate of Completion (September 20, 2013) <br />Drafted Certificate of Completion (April, 14, 2016) <br />Template Updated 4/14 <br /> <br />