Resolution No. 13-02 EDA - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 13-02 AUTHORIZING LETTER OF INTENT FOR, AND ACQUISITION OF, A TAX - FORFEITED PARCEL WITHIN LEGACY AT WOODS EDGE BE IT RESOLVED By the board of commissioners of the Lino Lakes Economic Development Authority (the "EDA") as follows: Section 1. Background. 1.01. In 2004, the City of Lino Lakes (the "City"), EDA and Hartford Development Inc. entered into a Contract for Private Development for the development of the Legacy at Woods Edge development, which was proposed to include commercial development, rental housing, and owner - occupied housing (the "Legacy at Woods Edge Development"). 1.02. Certain parcels within the Legacy at Woods Edge Development were successfully, developed, including one parcel developed for use as a hotel that was later converted to an assisted living facility now owned by Lino Lakes Assisted Living, LLC ("LLAL"). 1.03. In 2010, the undeveloped parcels within the Legacy at Woods Edge were tax forfeited. 1.04. LLAL has now proposed to expand its existing facility, and to that end proposes to acquire the tax forfeited parcel described as Outlot A, The Village No. 4, according to the recorded plat thereof, Anoka County, Minnesota (the "Parcel"), which Parcel is adjacent to LLAL's facility. 1.05. The EDA has negotiated the terms of a letter of intent (the "LOI") with Anoka County, a copy of which is attached hereto as Exhibit A, providing terms under which the EDA will acquire the Parcel from the County, with the intent to re -convey such Parcel to LLAL. 1.06. The EDA has determined that acquisition of the Parcel in accordance with the LOI is in the best interests of the EDA, and that such transaction will both return tax -forfeited property to the tax rolls and help the EDA achieve its long-term goals for the Legacy at Woods Edge Development. Section 2. Transaction Approved. 2.01. The EDA board hereby authorizes the EDA Executive Director to execute the LOI in substantially the form attached hereto. 2.02. The EDA board further approves acquisition by the EDA of the Parcel subject to the terms and conditions stated in the LOI, and authorizes EDA officials to execute any documents necessary to carry out such real estate transaction.