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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 11/13/95 <br />TOPIC: Consideration of the Contract for Private Development between the <br />City of Lino Lakes and Fogerty Development/Custom Remodelers <br />BACKGROUND: <br />A development contract between the EDA and the developer (Fogerty <br />Development/Custom Remodelers) is required to outline the conditions for public <br />assistance and for the conveyance of city property. This agreement allows the <br />EDA to purchase the property from the city for $117,000 and to write down the <br />cost of the property and sell it to the developer for $100,603.50. The developer <br />agrees to pay the EDA $100,603.50 at closing, and the EDA will reimburse the <br />developer that amount on a pay-as-you-go basis. <br />The agreement also arranges for the city to remove $84,207 in special <br />assessments upon completion of the new building. <br />OPTIONS; <br />1. Approve the development contract between the Lino Lakes EDA and Fogerty <br />Development/Custom Remodelers <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />