Resolution Consenting to Assignment of Development Agreement and Tax Increment Payments

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Recorded in the minutes as: “1. Resolution Consenting to Assignment of Development Agreement and Tax Increment Payments. Motion: Moved by Mahler, seconded by Klein consenting to the assignment of a Development Agreement and Tax Increment Payments. The City Council approved a Development Agreement with Semper Fi Commercial Solutions, LLC on May 16, 2022, per resolution 051622D, which authorized annual appropriation tax increment payments and pledged certain tax increment revenues to the payment of the Agreement. Semper Fi Commercial Solutions, LLC was to construct a commercial building within the Perry Industrial Park to provide space rentable for contractors and other commercial or industrial users. Due to unforeseen circumstances, the construction did not take place, therefore missing key deadlines within the original Development Agreement. Semper Fi wrote to the City on June 23, 2023, requesting an amendment with extended deadlines. Such amendment was granted through an Amended Development Agreement dated August 8th, 2023, per resolution 080723F. Semper Fi again requested another amendment take place to extend the timing requirements within the Agreement, which such amendment was granted through the Second Amended Development Agreement dated August 20th, 2024, per resolution 081924A. Semper Fi is now requesting consent to the assignment of all of its rights and obligations under the Second Amended Development Agreement to 141 Properties, LLC, whom will undertake the construction of an industrial building for leasing by and use in the business operations of commercial/industrial enterprises on the property. This resolution allows for the consent to Semper Fi’s request for assignment to 141 Properties, LLC, and accepts and authorizes the signing of the Assignment and Assumption Agreement, the Third Amended Development Agreement, and the Minimum Assessment Agreement”.

Motion as recorded: “Moved by Mahler, seconded by Klein consenting to the assignment of a Development Agreement and Tax Increment Payments. The City Council approved a Development Agreement with Semper Fi Commercial Solutions, LLC on May 16, 2022, per resolution 051622D, which authorized annual appropriation tax increment payments and pledged certain tax increment revenues to the payment of the Agreement. Semper Fi Commercial Solutions, LLC was to construct a commercial building within the Perry Industrial Park to provide space rentable for contractors and other commercial or industrial users. Due to unforeseen circumstances, the construction did not take place, therefore missing key deadlines within the original Development Agreement. Semper Fi wrote to the City on June 23, 2023, requesting an amendment with extended deadlines. Such amendment was granted through an Amended Development Agreement dated August 8th, 2023, per resolution 080723F. Semper Fi again requested another amendment take place to extend the timing requirements within the Agreement, which such amendment was granted through the Second Amended Development Agreement dated August 20th, 2024, per resolution 081924A. Semper Fi is now requesting consent to the assignment of all of its rights and obligations under the Second Amended Development Agreement to 141 Properties, LLC, whom will undertake the construction of an industrial building for leasing by and use in the business operations of commercial/industrial enterprises on the property. This resolution allows for the consent to Semper Fi’s request for assignment to 141 Properties, LLC, and accepts and authorizes the signing of the Assignment and Assumption Agreement, the Third Amended Development Agreement, and the Minimum Assessment Agreement”.

The minutes give only the count (unanimously), so individual votes are Not in the record. Vote line as printed: “Motion carried unanimously.”.