Focus Area: Economy
Staff Contact: Chet Belcher, Kate Messer
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title:
title
Consideration of Resolution No. 26-1096 for the Assignment and Assumption of Lease Agreements and Bond Documents from Sealy West 167th Street, LLC to SRRT 2261 Industrial, DST
Body
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recommended motion:
Approve as part of the consent agenda.
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Summary:
The City previously adopted Resolution No. 17-1073 on November 7, 2017 expressing the City’s intent to issue up to $13,880,000 of its industrial revenue bonds for the benefit of LE Commerce Center LLC for the purpose of acquiring, constructing, installing, furnishing and equipping an approximately 210,000 square foot industrial facility located at the northwest corner of Monticello and 167th Street. On April 6, 2021 the City adopted Resolution No. 21-1025 to assign interest to Sealy West 167th Street, LLC.
Sealy West 167th Street, LLC is selling all of its right, title and interest to the project 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 26-1096
B: Assignment and Assumption Agreement