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03/25/1996 Council Packet
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03/25/1996 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
03/25/1996
Council Meeting Type
Regular
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Member introduced the following resolution and moved its adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 96-05 <br />RESOLUTION AUTHORIZING THE SALE OF PROPERTY <br />BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: <br />Section 1. Recitals <br />1.01. The Lino Lakes Economic Development Authority (the "Authority") approved a tax <br />increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-7 (TIF <br />District No. 1-7) on May 22, 1995. <br />1.02. On May 22, 1995, the City Council of the City of Lino Lakes (the "City") approved <br />the Plan. <br />1.03. The EDA entered into a development agreement with Progressive Engineering, a <br />Minnesota Corporation (the "Developer") whereby the EDA agreed to purchase property legally <br />described as that part of Outlot B, Apollo Business Park, Anoka County, Minnesota lying <br />southwesterly of Line A as described below and northeasterly of Line B as described below: <br />LINE A: Commencing at the most northerly corner of said Outlot B; thence on an assumed <br />bearing of South 58 degrees 02 minutes 08 seconds West along the northwesterly line of said <br />Outlot B a distance of 126.35 feet; thence southwesterly along said northwesterly line and along a <br />tangential curve concave to the southeast, having a radius of 799.00 feet, a central angle of 17 <br />degrees 50 minutes 56 seconds and an arc length of 248.91 feet; thence South 40 degrees 11 <br />minutes 12 seconds West along said northwesterly line and tangent to said curve 75.00 feet to a <br />point hereinafter referred to as Point "A", said Point "A" also being the point of beginning of Line <br />A to be described; thence South 49 degrees 48 minutes 48 seconds East 323.37 feet to the <br />southeasterly line of said Outlot B and there terminating. <br />LINE B: Commencing at Point "A" as described above; thence South 40 degrees 11 minutes 12 <br />seconds West along the northwesterly line of said Outlot B a distance of 262.84 feet; thence <br />southwesterly along said northwesterly line and along a tangential curve concave to the southeast <br />having a radius of 799.00 feet, a central angle of 4 degrees 36 minutes 00 seconds and an arc <br />length of 64.14 feet to the point of beginning of the Line B to be described; thence South 49 <br />degrees 48 minutes 48 seconds East and not tangent to said curve 295.14 feet to the southeasterly <br />line of said Outlot B and there terminating. (the "Property") from the City for $89,700 and to <br />resell it to the Developer for $19,500 subject to the EDA's compliance with the requirements of <br />Minnesota Statutes, section 469.105. <br />1.04. Pursuant to Minnesota Statutes, section 469.105, the EDA has held a public hearing <br />on the proposed sale of the Property to the Developer, following published notice as required by <br />
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