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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 16-02 <br />RESOLUTION APPROVING A PRELIMINARY DEVELOPMENT AGREEMENT <br />WITH DM LAND, LLC <br />WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") desires to <br />promote redevelopment of property located in the City of Lino Lakes, Minnesota (the "City") <br />known as the Old 49 Club Site (the "Property"); and <br />WHEREAS, the Developer owns the Property and intends to demolish the restaurant and <br />garage buildings currently located on the Property; and <br />WHEREAS, pursuant to a report from LHB, dated March 27, 2015, the buildings are in <br />substandard condition; and <br />WHEREAS, the Board of Commissioners of the Authority (the "Board") has previously <br />found the buildings located on the Property to be structurally substandard within the meaning of <br />Minnesota Statutes, Section 469.174, subdivision 10; and <br />WHEREAS, demolition of the existing buildings will encourage the redevelopment of the <br />Property; and <br />WHEREAS, there has been presented before the Board a form of Preliminary Development <br />Agreement (the "Preliminary Development Agreement") proposed to be entered into between the <br />Authority and the Developer, which sets forth the Developer's intentions and the conditions under <br />which the Developer will demolish the existing buildings on the Property and undertake the <br />redevelopment of the Property; and <br />WHEREAS, a preliminary development agreement entered into prior to demolition is <br />required by Minnesota Statutes, Section 469.174, subdivision 10 in order for the Authority to be <br />able to establish a redevelopment tax increment district after the demolition occurs; and <br />WHEREAS, the Authority has reviewed the Preliminary Development Agreement and <br />finds that the execution thereof by the Authority and the performance of the Authority's obligations <br />thereunder are in the best interest of the City and its residents; <br />NOW, THEREFORE, BE IT RESOLVED BY THE Board of Commissioners of the <br />Lino Lakes Economic Development Authority as follows: <br />476794v1 JAE LN140-114 <br />