3.5 EDSR 04-18-2016
Request for Action
ToItem Numbe
r
Economic Development Authority 3.5
Agenda SectionMeeting DatePrepared by
ConsentApril 18, 2016Amanda Othoudt, EDD
Item DescriptionReviewed by
Administrative Correction to the Certificate of Cal Portner, City Administrator
Reviewed by
Completion for 18025 Zane Street
Action Requested
Approve, by motion, an administrative correction to the certificate of completion for 18025 Zane Street
NW
Background/Discussion
Staff has been working with an attorney representing the owner of 18025 Zane Street who is looking to
refinance the existing mortgage on the property. The subject property is located in the former TIF 19
district.
During title research, Commercial Partners Title found a discrepancy with the Certificate of Completion
of the Contract for Private Redevelopment between The Economic Development Authority and the
Associated Investors of Elk River, Inc., Fischer Sand & Aggregate, LLP and Elk River Business Park,
LLC that was recorded on 9/20/2013.
The Certificate of Completion references Section 4.4 Failure to Complete Minimum Improvements, and
should instead have referenced Section 4.3 Certificate of Completion.
The drafted certificate of completion document references the original document number and the correct
section number.
Financial Impact
None
Attachments
Contract for Private Redevelopment (July 30, 1999)
Recorded Certificate of Completion (September 20, 2013)
Drafted Certificate of Completion (April, 14, 2016)
Template Updated 4/14
CERTIFICATE OF COMPLETION
The Economic Development Authority of Elk River, Minnesota (the “Authority”) and Associated
Investors of Elk River, Inc., Fischer Sand & Aggregate, LLP, and Elk River Business Park, LLC (the
“Redeveloper”) have executed a Contract for Private Development, dated as of July 30, 1999 (the
“Redevelopment Agreement”), and filed with the Sherburne County Recorder on October 14, 1999 as
Document No. 400516, with respect to the completion by the Redeveloper of certain improvements (the
“Initial Improvements”), described in the Redevelopment Agreement.
The Redeveloper has to the present date substantially performed its undertakings under the
Redevelopment Agreement in a manner deemed sufficient by the Authority to permit the execution of this
certificate pursuant to Section 4.3 of the Redevelopment Agreement. In addition, The Economic
Development Authority of Elk River, Minnesota has determined that the Redevelopment Agreement has
terminated by its terms.
This is to certify that the Initial Improvements have been completed on the Development Property
in substantial conformance with the terms of the Redevelopment Agreement and all prerequisites for the
termination of the Redevelopment Agreement as set forth in Article X have been met. Therefore, Lot 1,
Block 1 and Outlot A, Elk River Crossing Seventh Addition, Sherburne County, Minnesota, are hereby
released from all terms and conditions of the Redevelopment Agreement.
478209v2 JSB EL185-13
Dated: _______, 2016 ECONOMIC DEVELOPMENT AUTHORITY OF ELK
RIVER, MINNESOTA
By
Its President
STATE OF MINNESOTA )
) ss.
COUNTY OF SHERBURNE )
The foregoing instrument was acknowledged before me this ____ day of _________, 2016, by
______________, the President of the Economic Development Authority of Elk River, Minnesota, on
behalf of said Authority.
_______________________________________
Notary Public
This document was drafted by:
KENNEDY & GRAVEN, Chartered (JSB)
470 U.S. Bank Plaza
200 South Sixth Street
Minneapolis, Minnesota 55402
Telephone: 612-337-9300
478209v2 JSB EL185-13