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AGENDA ETEC 6 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/25/96 <br />TOPIC: Consideration of the Contract for Private Development be Lino <br />Lakes EDA and Progressive Engineering Technology, Inc. <br />BACKGROUND: <br />A development contract between the EDA and Progressive Engineering, is <br />required to outline the conditions for public assistance and for the conveyance of <br />city property to Progressive Engineering. This agreement alb the EDA to <br />purchase the property from the city for $39,700 and sell it to the developer for <br />$53,160. Progressive Engineering will be reimbursed $33,660 on a pay-as-you- <br />go basis. The agreement also oranges for the city to remove $51,762 in special <br />assessments up front, with Progressive Engineering paying the remaining <br />$13,500 in assessments at closing. <br />Due to Progressive Engineering's desire to close on the property and begin <br />construction in April, I am requesting that the EDA approve this development <br />contract contingent upon final arrangements between the parties. The <br />company's attorney has just received the contract for review. While we don't <br />expect any significant changes in the final agreement, our bond consultant <br />would require that the agreement be returned to the EDA for further approval <br />should that occur. <br />OPTIONS: <br />1. Approve the contract for private development between Lino Lakes EDA and <br />Progressive Engineering. <br />2. Return to staff for further consideration <br />