Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Resolution No. 25-1081 for the Assignment and Assumption of Lease Agreements from 175 Commerce Center One, LLC to Amazon.com Services, LLC.
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Consideration of Resolution No. 25-1081 for the Assignment and Assumption of Lease Agreements from 175 Commerce Center One, LLC to Amazon.com Services, LLC.
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Summary:
On October 3rd, 2023, the City Council adopted Resolution 23-1064, authorizing the issuance of industrial revenue bonds in a principal amount not to exceed $73,100,000 for the benefit of 175 Commerce Center One. Bond proceeds were used for the construction of an approximately 1,123,470 square foot industrial building.
175 Commerce Center One, LLC, is selling all of its right, title and interest in the project to Amazon.com Services, LLC., a Delaware limited liability company, and is also assigning its interest in the Resolution, the Bonds, and accompanying bond documents and related agreements.
The resolution (Attachment A) authorizes the assignment from 175 Commerce Center One, LLC to Amazon.com Services, LLC.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 25-1081
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Attachment(s):
A. Resolution No. 25-1081
B. Letter Request for Reassignment
C. Assignment and Assumption Agreement