CCP 03-23-2010 - Laserfiche WebLink

Home Browse Search

0 O TWW IbBRUITON the city that works for you Report Number Agenda Section Council Meeting Date REQUEST FOR COUNCIL CONSIDERATION 10-075 VIII -1 March 23, 2010 ITEM DESCRIPTION: Consideration of Request by Bremer Bank to Amend the Amended and Restated Contract for Private Redevelopment with New Brighton Commons, LLC and Subordinate the City's Interest in said Agreement to a New First Mortgage DEPARTMENT HEAD'S APPROVAL: Grant Fernelius, Director of Community Development CITY MANAGER'S APPROVAL: No comments to sunnlement this Comments attached Recommendation: Staff recommendsha he City Council approve the request by Bremer Bank to amend the Amended and Restate ha for Private Redevelopment with New Brighton Commons, LLC and to subordinate the City's interest in said agreement to a new first mortgage. Legislative History: September 13, 2005 City approved non-binding term sheet with Ryan Companies US, Inc. for development of a future office/warehouse building at 200 5a` Avenue NW. The building was designed to house the USPS carrier annex and one additional tenant. February 28, 2006 City approved a Contract for Private Redevelopment with New Brighton Commons, LLC for the sale of land and development of the property. Ryan established the limited liability company as the ownership entity for the project. July 11, 2006 City approved a First Amendment to the Contract for Private Redevelopment with New Brighton Commons, LLC. The amendment addressed delays that had occurred in the project. June 25, 2007 City approved an Amended and Restated Contract for Private Redevelopment with New Brighton Commons, LLC. Like the first amendment, the subsequent agreement dealt with delays in the project. A copy of this final agreement is attached for reference purposes. Financial Impact: None. I:\COUNCIL\REPORTS\2010\Community Development\3-23-2010\Bremer Bank (Contract Amendment and Subordination Request).docm