Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
title
Consideration of Resolution No. 26-1082 for the Assignment and Assumption of Lease Agreements and Bond Documents from Ace Properties, LLC to Tuffli Company, Inc.
Body
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recommended motion:
Approve as part of the Consent Agenda.
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Summary:
On February 20, 2018, the City Council adopted resolution No. 18-1020, expressing the City’s intent to issue up to $5,800,000 of its industrial revenue bonds for the benefit of the Ace Properties LLC, a Kansas limited liability company. On December 1, 2019 the City issued $1,700,000 in taxable IRBs for the purpose of acquiring, constructing, installing, furnishing and equipping an approximately 18,750 square foot office and warehouse project located at 601 N. Lindenwood Drive.
Ace Properties, LLC is selling all of its right, title and interest in the project to Tuffli Company, INC, a California corporation and is also assigning its interest in the Resolution, the Bonds, and accompanying bond documents and related agreements.
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Financial Information:
None
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Attachment(s):
A: Resolution 26-1082
B: Assignment and Assumption Agreement