Title
Discuss and consider action regarding Weiss Lane Connection Project Reimbursement and Assignment Agreement and City Consent by and between NP Lakeside 130, LLC, and Lakeside Meadows LLC relating to Lakeside Meadows Public Improvement Reimbursement Agreement and Lakeside Meadows Public Improvement District Financing Agreement.
Summary
Pursuant to the Lakeside Meadows Public Improvement Agreements, the Developer is obligated to construct the Weiss Lane Connection, and has the right to receive, or assign the right to receive, reimbursements from the assessments levied within the District for the cost of the Weiss Lane Connection. This authorized improvement is specifically called out in the Service and Assessment Plan.
The Developer has entered into a Weiss Lane Connection Project Reimbursement and Assignment Agreement with NP Lakeside 130, LLC to complete this improvement. This agenda item is the City's consent to this assignment.
Prior City Council Action
June 14, 2022 - City Council approved the reimbursement agreement for the project
Deadline for City Council Action
This action is required on June 9, 2026 to meet deadline for assignment to Orix
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount:_N/A__________
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: 5/15/2026
Supporting documents attached:
Weiss Lane Connection Reimbursement Assignment Agreement
Recommended Action
Staff recommends approval as presented.