SUBJECT: Consent Agenda
Title
A Resolution of the Board of Trustees of the Town of Erie Approving An Assignment of Certain Reimbursement Obligations in the Flatiron Meadows Second Amended and Restated Master Development Agreement
Body
DEPARTMENT: Planning and Development
PRESENTER: Chris LaRue, Senior Planner
STAFF RECOMMENDATION:
Recommendation
Approval
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Flatiron Meadows Second Amended and Restated Master Development Agreement was approved by the BOT on September 8, 2015. The original DA contained a provision for reimbursements due to the owner from the Town for qualifying public improvements. These improvements were for oversizing of utilities and other infrastructure.
The current owner of the property (HT Flatiron LP) wishes to assign the reimbursement obligation (owner’s right to receive the reimbursements) to their bank (Flagstar Bank, FSB) as part of collateral for a $30,000,000 loan. The attached Resolution, provided for consideration by the Board of Trustees, will assign the reimbursement obligations, under and pursuant to the Development Agreement for Flatiron Meadows Second Amended and Restated Master Development Agreement to Flagstar Bank, FSB.
ATTACHMENTS:
a. Resolution
b. Assignment of Reimbursement Obligations (to be signed by the Town)
c. Original Flatiron Meadows Second Amended and Restated Master Development Agreement