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8.2. SR 01-19-2021
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8.2. SR 01-19-2021
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<br /> <br />Request for Action <br /> <br />To Item Number <br />Mayor and City Council 8.2 <br />Agenda Section Meeting Date Prepared by <br />General Business January 19, 2021 Colleen Eddy, Economic Development Specialist <br />Item Description Reviewed by <br />Tax Increment Financing District #25 Note Cal Portner, City Administrator <br />Transfer <br />Reviewed by <br /> <br /> <br />Action Requested <br />Adopt, by motion, a resolution approving Assignment and Assumption of Tax Increment Finance (TIF) <br />Development Assistance Agreement for Jackson Hills Residential Suites and authorize an execution of <br />consent. <br /> <br />Background/Discussion <br />At the April 16, 2018, City Council meeting, the Council approved TIF District #25. <br /> <br />The developer has agreed to sell the property and assign its rights and obligations under the contract, the <br />declaration, and the TIF note to GCRE-Jackson Hills LLC, a Delaware limited liability company. <br /> <br />Section 5.3 of the Development Agreement allows the property and the TIF Note to be transferred to a new <br />owner subject to certain conditions, including approval by the City Council. Because the city created a Housing <br />TIF District in connection with the project, the new owner will need to comply with the existing affordability <br />covenants on the property during the life of the TIF District. <br /> <br />As such, the city needs an Assignment and Assumption Agreement between the current owner and new owner <br />whereby the new owner agrees to comply with all the requirements of the existing agreement and the <br />Declaration of Restrictive Covenants (affordability requirements) for the project. <br /> <br />Financial Impact <br />The Taxable Tax Increment Revenue Note (Jackson Hills Residential Suites, LLC Project), a pay-as-you <br />go tax increment revenue note in the original principal amount of $463,297. <br /> <br />Mission/Policy/Goal <br />The city is empowered to utilize TIF by the Minnesota Tax Increment Financing Act, as amended in Minnesota <br />Statutes 469-174 through 469-1794. <br /> <br />Attachments <br /> Resolution <br /> Assignment and Assumption of Development Agreement <br /> Jackson Hills Declaration of Restricted Covenants <br /> Jackson Hills Receipt of Note <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />
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