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File #: R-18-110   
Type: Resolution Status: In Council - Consent Agenda
File created: 12/3/2018 In control: City Council
Final action:
Enactment date: Enactment #:
Title: Consenting To The Assignments Of The Master Development Agreements For The Mesa Del Sol Tax Increment Development Districts 1 Through 5, By And Among The City Of Albuquerque, New Mexico, Mesa Del Sol, LLC And The Districts Recorded In The Bernalillo County, New Mexico Real Estate Records On June 19, 2008, As Amended And Supplemented, And Certain Other Related Agreements, In Connection With The Purchase Of The Property Underlying The Districts By MDS Investments, LLC, For The Purpose Of Financing Public Infrastructure Improvements Within The Districts (Davis)
Attachments: 1. R-110.pdf
CITY of ALBUQUERQUE
TWENTY THIRD COUNCIL


COUNCIL BILL NO. R-18-110 ENACTMENT NO. ________________________

SPONSORED BY: Patrick Davis


RESOLUTION
title
Consenting To The Assignments Of The Master Development Agreements For The Mesa Del Sol Tax Increment Development Districts 1 Through 5, By And Among The City Of Albuquerque, New Mexico, Mesa Del Sol, LLC And The Districts Recorded In The Bernalillo County, New Mexico Real Estate Records On June 19, 2008, As Amended And Supplemented, And Certain Other Related Agreements, In Connection With The Purchase Of The Property Underlying The Districts By MDS Investments, LLC, For The Purpose Of Financing Public Infrastructure Improvements Within The Districts (Davis)
body
WHEREAS, the Boards of Directors of the Mesa Del Sol Tax Increment Development Districts 1 through 5 (the "Districts"), being tax increment development districts established and existing pursuant to NMSA Sections 5-15-1 et seq., previously have approved, executed and delivered the Master Development Agreement by and among the Districts, the City of Albuquerque, New Mexico (the "City") and Mesa del Sol, LLC (the "Original Developer"),
recorded in the Bernalillo County, New Mexico Real Estate Records on June 19, 2008, as amended and supplemented (the "Development Agreement"; capitalized terms used in this Resolution and not otherwise defined herein shall have the meanings provided in the Development Agreement); and
WHEREAS, the Original Developer (and/or its successors in interest with respect to the real property underlying the Districts, referred to herein as the "Seller") was named as the Defendant in a certain court proceeding in the Second Judicial District Court of New Mexico known as Case No. D-202-CV-2015-05944 (the "Foreclosure"), in which the Court appointed a receiver to convey the real property underlying the Districts together with all rights and interests in the "Master Development Agreement Mesa del Sol Tax In...

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