M&C Review


COUNCIL ACTION:  Approved on 2/13/2018 

DATE: 2/13/2018 REFERENCE NO.: **C-28576 LOG NAME: 19LMPASSIGN
CODE: C TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Authorize Execution of Consent to Assignment of City Secretary Contract No. 46195, a Tax Abatement Agreement with LMP Realty, Inc. to AGNL Blade, L.P. for Construction of a Warehouse at 1700 Meacham Boulevard in the 28th Street/Meacham Neighborhood Empowerment Zone (COUNCIL DISTRICT 2)

RECOMMENDATION:

It is recommended that the City Council authorize the execution of a Consent to Assignment of City Secretary Contract No. 46195, a Tax Abatement Agreement between the City and LMP Realty, Inc. to AGNL Blade, L.P. in the 28th Street/Meacham Neighborhood Empowerment Zone.

 
DISCUSSION:

On October 14, 2014, the City Council approved a five year Tax Abatement Agreement (Agreement) with LMP Realty, Inc. (Company) related to the construction of an approximately 309,000 square foot warehouse located at 1700 Meacham Boulevard in the 28th Street/Meacham Neighborhood Empowerment Zone (M&C C-27039, City Secretary Contract No. 46195).

The Company now wishes to transfer the project to AGNL Blade, L.P. (AGNL). Under the Agreement, the Company is prohibited from assigning the Agreement to another party without the City Council's consent. In order to facilitate the transaction, a Consent to Assignment Agreement between the City, the Company and the purchaser will be required. All terms of the Agreement remain the same.

AGNL will be required to meet all obligations of the Company under the Agreement. The City will continue to receive the public benefits resulting from development of this project.

The project is located in COUNCIL DISTRICT 2.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that this action will have no material effect on City funds.  





TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Fernando Costa (6122)
Originating Department Head:
Aubrey Thagard (8187)
Additional Information Contact:
Sarah Odle (7316)

 
 
ATTACHMENTS
  Form 1295.pdf
  Map 1700 Meacham Blvd.pdf