Title
Resolution - A Resolution Approving and Authorizing the City Manager to Execute the 2nd Amendment to the 380 and Development Agreement and Assignment of a Development Agreement Between the City, the Board of Directors of the Tax Increment Financing Reinvestment Zone Number Two, and NRP Holdings LLC and Main Street Mansfield Lofts LLC and Providing an Effective Date
Requested Action
Consider Approving Resolution to Approve the 2nd amendment and Consent to Assignment to the Development Agreement with NRP Holdings, LLC and Main Street Mansfield Lofts, LLC
Recommendation
Approve and execute the 2nd Amendment and Consent to Assignment of the Development Agreement
Description/History
Currently, pursuant to that certain 380 and Development Agreement for Public Improvements to Property within Reinvestment Zone Number Two, City of Mansfield, dated as of June 29, 2015 (as amended and partially assigned, the “380 Agreement”), NRP Holdings LLC (“NRP Holdings”) is responsible for Phase II of the Project. However, Main Street Lofts, L.P. (“MSL”), has taken title to the land upon which Phase II of the Project is located. Accordingly, the purpose of the Partial Assignment and Assumption Agreement between NRP Holdings and MSL is to assign NRP Holdings’ right, title and interest in the 380 Agreement with respect to Phase II of the Project to MSL.
Additionally, the current owner of Phase I of the Project and the party responsible for Phase I of the Project under the 380 Agreement is Main Street Mansfield Lofts LLC (“MSML”). MSML intends to sell Phase I of the Project to WMCi Dallas VIII, LLC (“WMCi”). Accordingly, the purpose of the Partial Assignment and Assumption Agreement between MSML and WMCi is to assign MSML’s right, title and interest in the 380 Agreement with respect to Phase I of the Project to WMCi.
As noted above, NRP Holdings partially assigned all duties, risks and obligations under the 380 Agreement to the current owner of Phase 1 of the project (MSML)...
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