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AGENDA ITEM 7 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 4/22/96 <br />TOPIC: Resolution No. 96-43 approving the payoff of the Contract for Deed <br />for the Apollo Business Pant <br />BACKGROUND: <br />In 1992 the city made the decision to purchase 36 acres of property in the Lino <br />Lakes Industrial Park on a Contract for Deed from James and Diane Schilling. <br />The purpose of controlling the property was to bring improvements to the park <br />and open the area up for industrial development. <br />Since that time the city has sold 11.6 acres for five projects in the park. This <br />enables the city to pay off the Contract for Deed eight months early, saving <br />thousands of dollars in interest. The proceeds from the remaining nine acres of <br />buildable land will help to ensure the future strength of the city's economic <br />development effort. <br />Including the new development that will be under construction this spring, <br />development in the both the city -owned and privately owned portions of the park <br />has increased annual tax revenue by approximately $250,000. Full buildout of <br />both portions of the park could generate in the range of $1.5 million per year in <br />property taxes. <br />Resolution No. 96-43 approves the payment to the Schillings for the retnainir <br />principle on the Contract for Deed. <br />OPTIONS: <br />1. Adopt Resolution No. 96-43 approving the payoff of the contract for deed on <br />the Apollo Business Park <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />