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<br />Assignment of Certain Rights in the Cooperative <br />Agreement for Off-site Improvements <br />June 9, 2006 <br />Page 2 <br /> <br />The assignment of certain rights in the cooperative agreement will <br />incl ude the Lake Towers, the Cinema Tower, the Cinema Loft and the <br />retail/restaurant building. Approval of the assignment will facilitate <br />the financing and implementation of this important project, which is the <br />first phase of the MacArthur Place South development. Therefore, it is <br />recommended that the City Council direct the City Attorney to prepare and <br />authorize the City Manager and Clerk of the Council to execute written <br />consent approving the assignment of certain rights, ownership and <br />security interests in Cooperative Agreement for Off-site Improvements by <br />Nexus Development and The Grand Plan 2, LLC with such nonsubstanti ve <br />changes as may be approved by the City Manager and City Attorney as to <br />form. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact associated with this action. <br /> <br />~reVino, AICP <br />ecutlve Dlrector <br />Planning & Building Agency <br /> <br />VF:jm <br />vf\reports\Nexustransfer2.cc <br /> <br />1-2 <br />