SUBJECT: Consent to the Assignment of the Development Agreement, Consent to the Lien Agreement and Estoppel Agreement with AB Merced LLC, Bellevue Merced LLC, and Bank OZK for the Property Generally Located on the North Side of Bellevue Road, West of Barclay Way REPORT IN BRIEF Considers adopting a Consent and Estoppel Agreement with the owners of Bellevue Ranch North and their lender, Bank OZK, to consent to the Collateral Assignment and Lien Instrument and to verify that the Development Agreement is in full force and effect and there are no defaults. RECOMMENDATION City Council - Adopt a motion adopting the Consent and Estoppel Agreement between the City of Merced, AB Merced LLC, Bellevue Merced LLC, and Bank OZK and authorizing the City Manager or the Assistant City Manager to execute the agreement.

What this record is

Held by

AB Merced LLC, Bellevue Merced LLC

Runs until

no end date published in this record

Type

contract

Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Requested by

Development Services Department

Introduced

June 22, 2020

On agenda

June 29, 2020

Passed

June 29, 2020