HomeMy WebLinkAboutItem 06.h
Date: Item No.
LAKEVILLE POINTE/RAVEN LAKE THIRD ADDITION
Proposed Action
Staff recommends adoption of the following motion: Move to approve: 1) Partial Release of Raven Lake
Third Addition Development Contract, and 2) Collateral Assignment of Lakeville Pointe Development
Contract.
Overview
On December 20th, Ron Clark Construction representatives will be closing on the construction loan for
their 49-unit Lakeville Pointe apartment building to be located on the east side of Kenwood Trail (CSAH
50) at Jurel Way. The Lakeville Pointe final plat was approved by the City Council on October 17th. In
order to close on the construction loan, the lending agency (Wells Fargo Bank) is requiring release of the
parent parcel for the Lakeville Pointe apartment (Outlot B, Raven Lake Third Addition) from the Raven
Lake Third Addition development contract as well as collateral assignment of the current apartment
building parcel (Lot 1, Block 1, Lakeville Pointe) to Wells Fargo Bank.
Both of these documents, which have been reviewed by the City Attorney, require approval by the City
Council and signature by the Mayor and City Clerk.
Primary Issues to Consider
None
Supporting Information
• Partial Release of Raven Lake Third Addition Development Contract
• Collateral Assignment of Lakeville Pointe Development Contract
Financial Impact: $ Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: A Home for All Ages and Stages of Life
Report Completed by: Daryl Morey, Planning Director
December 19, 2016
Zoning and Subdivision Ordinances