Title
Assignment of the Development Agreement for The Palms Condominiums (B)
Explanation
The Palms Condominium property was recently purchased from Southwest Second Avenue, LLC by Gville Palms, LLC. The Palms was subject to a foreclosure proceeding but prior to the property being sold at a foreclosure sale it was sold to Gville Palms, LLC. The development and disposition agreement was assigned to Gville Palms, LLC. Gville Palms, LLC has agreed to assume all the responsibilities, obligations and duties associated with the original agreement.
Gville Palms LLC is owned by the Ken and Linda McGurn. The CRA has worked successfully with other companies owned by the McGurns and recommends approving this assignment.
Fiscal Note
The 2014 TIF payment of $77,575 which was not paid due to the project being in default will be appropriated via the amendatory budget and will be paid following approval.
Recommendation
CRA Executive Director to the CRA Board: Assign the development agreement for the Palms Condominium from Southwest Second Avenue LLC to Gville Palms LLC subject to form and legality by the CRA Attorney.