7.0. EDSR 02-12-2001 ( Item # 7.0
4 i
City of MEMORANDUM
Elk •
River
TO: Economic Development Authority
FROM: Lori Johnson, Finance Director lk Vt`i
DATE: February 12, 2001
SUBJECT: TIF 17 Assignment
On January 3, 1999, the EDA entered into a Limited Revenue Tax Increment
Note with David Decker for the TIF 17 development project. Mr. Decker has
requested that the Note be assigned to Rivers Crossing, Inc. Assignment of
the Note requires EDA approval.
Attached are the Assignment and related documents to transfer the Note to
Rivers Crossing, Inc. As you may recall, the principal amount of the Note is
$160,000. This Assignment, if approved, would transfer the remaining
payments from David Decker to Rivers Crossing, Inc. Payments on the Note
are subject to the provisions of the Contract for Private Development By and
Between The Economic Development Authority In and For the City of Elk
River and David Decker and Jeanette LaMotte Decker. Payment to Rivers
Crossing, Inc. will not be made until the Developer meets all of the
outstanding requirements of the Contract.
Action Requested
The EDA is asked to consider the attached Assignment of Limited Revenue
Tax Increment Note for TIF 17 from David Decker to Rivers Crossing, Inc.
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD & Phone (763) 441-7420 • Fax (763) 441-7425
• ASSIGNMENT OF LIMITED REVENUE TAX INCREMENT NOTE
FOR VALUE RECEIVED, David P. Decker, hereby sells, assigns and transfers unto
Rivers Crossing, Inc., a Minnesota corporation, with its principle place of business located at 200
Fifth Street, Suite H, Box 57, Elk River, MN 55330, the Limited Revenue Tax Increment Note
dated January 3, 1999 (the "Note") to which this Assignment is attached, together with all rights
thereunder.
David P. Decker
Dated as of February 12, 2001
Taxpayer Identification Number
of Assignee
• CONSENT BY AUTHORITY TO ASSIGNMENT
The Economic Development Authority In and For the City of Elk River, Minnesota,
pursuant to the Note, hereby consents to the assignment of the Owner's interest in the Note to
Rivers Crossing, LLC as set forth in the attached Assignment and acknowledges that all future
payments due under the Note shall be made to:
Rivers Crossing, LLC
200 Fifth Street, Ste. H
P.O. Box 57
Elk River, MN 55330
ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF ELK RIVER
By
Its
• And
Its
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• CERTIFICATION OF REGISTRATION
It is hereby certified that the foregoing Note, as originally issued on January 3, 1999, was
on said date registered in the name of David P. Decker, and that, at the request of the Registered
Owner of this Note, the undersigned has this day registered the Note in the name of such
Registered Owner, as indicated in the registration blank below, on the books kept by the
undersigned for such purposes.
NAME AND ADDRESS OF DATE OF SIGNATURE OF
REGISTERED OWNER REGISTRATION SECRETARY
Rivers Crossing, Inc. February 12, 2001
GP769584
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