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CITY OF LINO LAKES <br />RESOLUTION NO. 16-35 <br />APPROVING LAND ACQUISITION ESCROW AGREEMENT <br />SADDLE CLUB 2ND ADDITION <br />WHEREAS, the City (Seller) and Dupont Holdings, LLP (Buyer) entered into a <br />Development Agreement and Planned Unit Development Agreement dated May 6, 2016, <br />for the Saddle Club Second Addition; and <br />WHEREAS, a condition of the Development Agreement is that Buyer acquire fee simple <br />title to the following Property from the Seller in order to install road and utility <br />improvements: <br />The South 550.00 feet of the East 330.00 feet of the Southwest Quarter of the <br />Southwest Quarter of Section 28, Township 31, Range 22, Anoka County, Minnesota. <br />; and <br />WHEREAS, Buyer seeks to commence utility and street work for the Saddle Club <br />Second Addition prior to the completion of the transfer of title of the Property from <br />Comcast to the City; and <br />WHEREAS, the City is willing to allow the utility and street work to commence <br />provided that Seller and Buyer enter into this Escrow Agreement requiring the deposit of <br />the Earnest Money for the acquisition of the Property. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes: <br />That the Land Acquisition Escrow Agreement, attached hereto as Exhibit A, is hereby approved <br />and the Mayor and City Clerk are authorized to execute the agreement on behalf of the City. <br />Adopted by the Council of the City of Lino Lakes this 9th day of May, 2016. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Kusterman and was duly seconded by Council Member Maher and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Kusterman, Maher, Rafferty, Manthey, <br />The following voted against same: <br />none <br />ATT <br />Bartell, City C -rk <br />Jeff Reinert, <br />