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AGENDA ITEM 5 <br />ORIGINATOR Brian Wessel <br />August 14, 1995 <br />Consideration of the Contract for Private Development <br />between Lino Lakes EDA and Mag -Con, Inc. <br />'GROUND <br />lopment contract between the EDA and Mag -Con Inc. is required to outline the <br />ins for public assistance and for the conveyance of city property to Mag -Con. <br />ireement allows the EDA to purchase the property from the city for $89,700 <br />1 the property to Mag -Con for $74,000. Mag -Con will pay the EDA $74,000 <br />osing and the EDA will reimburse Mag -Con $74,000 plus $15,000 in interest <br />es on a pay-as-you-go basis. <br />reement also arranges for the city to remove $59,781 in special assessments <br />ompletion of the new building. <br />)NS <br />rove the contract for private development between Lino Lakes EDA and Mag - <br />c: <br />rn to staff for further consideration <br />IMENDATIO 1 <br />