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Council approves assignment of development agreement tied to TIF-9 as property sale proceeds
Summary
The council approved Resolution 25-10-22-34 to allow LP Properties of Long Prairie to assign its Development Agreement and related TIF-9 obligations to ATM Real Estate LLC as part of a property sale. The TIF is set to expire Dec. 31, 2027; the project involves converting a 22-unit assisted living facility to a 32-unit facility including memory care.
Council Member Clint Krueger introduced and the council adopted Resolution No. 25-10-22-34 on Oct. 22, 2025, approving the assignment and assumption of a Development Agreement from LP Properties of Long Prairie, LLC to ATM Real Estate LLC. The Development Agreement (dated Nov. 1, 2011) concerns tax increment financing for renovation and expansion of an existing 22-unit assisted living facility into a 32-unit facility, including conversion of units into a memory-care wing and construction of additional assisted-living apartments within TIF District No. 1-9.
The resolution authorizes the mayor and city administrator/clerk to execute the Assignment Agreement on behalf of the city. The council record states the TIF in question is set to expire on Dec. 31, 2027; the assignment is related to the sale of the property by Valley View. Council Member Krueger moved to approve; Council Member Schroeder seconded and the motion was unanimously adopted.
