Resolution No. 16-02 EDA - Laserfiche WebLink

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�-� PRELIMINARY DEVELOPMENT AGREEMENT THIS PRELIMINARY DEVELOPMENT AGREEMENT (this "Agreement"), dated this day of , 2016, by and between the Lino Lakes Economic Development Authority, a municipal corporation and political subdivision under the laws of the State of Minnesota (the "EDA") and DM Land, LLC, a Minnesota limited liability company, or its successors or assigns (the "Developer"): WITNESSETH WHEREAS, the EDA desires to promote redevelopment of property known as the 49 Club Site, located in the City of Lino Lakes, and legally described in Exhibit A (the "Property"); and WHEREAS, the Developer owns the Property and intends to demolish the restaurant building and garage currently located on the Property; and WHEREAS, pursuant to a report from LHB, dated March 27, 2015, the buildings are in substandard condition; and WHEREAS, by resolution adopted on the date hereof, the EDA Board has found the buildings located on the Property to be structurally substandard within the meaning of Minnesota Statutes, Section 469.174, subd. 10(b); and WHEREAS, the EDA and the Developer have determined that it is in the best interest of the parties to demolish the existing building and agree to cooperate with respect to potential future redevelopment of the Property, all as further described in this Agreement; NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: shall: 1. During the term of this Agreement, the Developer (or its successors and assigns) (a) At no cost to the EDA, cause the existing buildings on the Property to be demolished and all demolition debris to be removed from the Property as soon as reasonably practicable after the date of this Agreement. The parties agree that Developer will not be required to remove the existing concrete and asphalt slabs on the Property. The parties agree that such demolition shall occur no later than October 31, 2016. (b) Maintain the Property in compliance with City ordinances. The Parties agree that leaving the concrete and asphalt slabs on the Property are in compliance with City ordinances. (c) If the Developer determines not to undertake redevelopment of the Property directly, it will use its best efforts to seek a successor entity that will proceed with such 445151vI JAE WA445-15