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DEVELOPMENT SERVICES MEMOR.ANDUM <br /> No. 10-78 <br /> September 15, 2010 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Greg C. Crowe, Assistant City Manager <br /> SUBJECT: Consent to Collateral Assignment of the Pines Shopping Center <br /> Redevelopment Agreement <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the resolution authorizing the <br /> Mayor to sign the Consent to Collateral Assignment of the Pines Shopping Center Redevelopment <br /> Agreement between Niemann Holdings, LLC and Hickory Point Bank and Trust. <br /> BACKGROUND: City Council approved a Redevelopment Agreement on November 30, 2009 with <br /> Niemann Holdings, LLC for the demolition of the existing Pines Shopping Center and construction of <br /> a new Pines Shopping Center anchored by Save-a-Lot. The Collateral Assignment of the <br /> Redevelopment Agreement is requested as additional security by the Lender of the project, Hickory <br /> Point Bank. The City's Consent is necessary for the execution of the document. <br /> POTENTIAL OBJECTION: None <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCE: Any additional questions may be forwarded to Greg Crowe at 424-2727 or <br /> at gcrowe@decaturil.gov. <br /> BUDGET/TIME IMPLICATIONS: None. <br />