HomeMy WebLinkAboutResolution - 2002-31 - Approving and Consenting to the Assignment of Tax Increment Financing by EP Senior Housing LLC, EP Assisted Living, LLC, and SC Minnesota Properties, LLC to Glaser Financial Group, Inc. - 02/05/2002 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,IVIINNESOTA
RESOLUTION NO.2002-31
A RESOLUTION APPROVING AND CONSENTING TO THE
ASSIGNMENT OF TAX INCREMENT FINANCING
WHEREAS, on December 18, 2001, the City entered an Amended Project Management
Agreement with SC Minnesota Properties, LLC for the development of a continuing care facility for
seniors;and
WHEREAS, the City agreed to provide tax-increment financing to SC Minnesota Properties,
LLC for this project;and
WHEREAS, the Amended Project Management Agreement has been partially assigned to EP
Assisted Living,LLC and EP Senior Housing,LLC;and
WHEREAS, SC Minnesota Properties, LLC,EP Assisted Living, LLC,and EP Senior Housing,
LLC wish to execute an Assignment of Tax Increment Financing to their lender Glaser Financial, Inc.;
and
WHEREAS, the Assignment of Tax Increment Financing requires the approval and consent of
the City.
NOW, THEREFORE, BE IT RESOLVED BY THE EDEN PRAIRIE CITY COUNCIL AS
FOLLOWS:
1. The Assignment of Tax Increment Financing by EP Senior Housing, LLC, EP Assisted
Living, LLC, and SC Minnesota Properties, LLC to Glaser Financial Group, Inc. is
approved.
2. The Mayor and City Manager are hereby authorized to execute the consent to the
Assignment of Tax Increment Financing.
ADOPTED by the City Council of the City of Eden Prairie this 5`"day of February,2002.
Ronald Case,Acting Mayor
ATTEST:
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' t een Porta,City Clerk