12/18/1995 Council Packet - Laserfiche WebLink

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Mr. Wessel explained that the EDA had authorized in September 1995 for the purchase of 6508 Hodgson Road from Anoka County, with the contingency that legal costs to obtain title be prorated among agencies benefiting from the sale. The city attorney later advised staff that this would not be possible, and the county will not agree to the sale unless Lino Lakes is willing to pay for the cost of gaining title. Mr. Hawkins also explained that the county would reject the EDA's contingency made earlier that evening regarding putting the purchase money into an interest bearing account. The county believes the price on this property was well below the market price, and has the right to spend the money. The county has agreed to refund the purchase price if title cannot be cleared. Mr. Hawkins does not anticipate any problems with gaining title. The city can't take down the building until it has title. The biggest risk is that the city will be out interest on the $61,400 if it can't get title. EDA member Elliott moved to adopt Resolution No. 95-15 authorizing the EDA to enter into a purchase agreement with the county. EDA member Kuether seconded the motion. Motion passed unanimously. EDA member Bergeson removed his second from the earlier motion to require the city's payment for the land be put into an interest bearing account until title was gained. EDA member Kuether moved to approve the disbursement to Anoka County without the contingency. EDA member Bergeson seconded the motion. Motion passed unanimously. Meeting adjourned, 6:30 p.m.