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4 <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 13-03 <br />RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT <br />AGREEMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT <br />AUTHORITY AND LINO LAKES HOUSING LIMITED PARTNERSHIP AND <br />RELATED SUBORDINATION AGREEMENT <br />BE IT RESOLVED By the Board of Commissioners ("Board") of the Lino Lakes Economic <br />Development Authority ("Authority") as follows: <br />Section 1. Recitals. <br />1.01. The property described as Outlot A, The Village No. 4, according to the recorded plat <br />thereof, Anoka County, Minnesota (the "Property") is a tax -forfeited parcel located with the Legacy <br />at Woods Edge Development. <br />1.02. The Property is immediately adjacent to the parcel now occupied by the assisted <br />living facility owned by Lino Lakes Assisted Living, LLC ("LLAL"), and LLAL has proposed to <br />acquire the Property in order to expand its facility. <br />1.03. The Authority has entered into a letter of intent (the "LOI") with Anoka County (the <br />"County") describing terms under which the Authority will acquire the Property, with the intent to <br />re -convey it to LLAL. <br />1.04. The Board has reviewed terms of a proposed Purchase and Redevelopment <br />Agreement between the Authority and LLAL (the "Purchase Agreement"), providing for <br />conveyance by the Authority of the Property to LLAL (after the Authority obtains a State tax deed <br />in accordance with the LOI), and the subsequent development of that Property by LLAL. <br />1.05. In accordance with Minnesota Statutes, Section 469.105, subd. 2, the Authority has on <br />this date held a duly noticed public hearing regarding conveyance of the Property to LLAL. <br />1.06. The Authority finds that conveyance of the Property to LLAL in accordance with the <br />Purchase Agreement is in the best interests of the City and its residents, and that the transaction <br />furthers the Authority's general plan of economic development. <br />1.07. LLAL has also requested that the Authority subordinate its rights under the Purchase <br />Agreement to LLAL's lender (the "Lender"), which the Authority acknowledges is reasonably <br />necessary for LLAL to obtain financing needed to acquire the Property and construct the required <br />improvements thereon. <br />1.08. The Authority has reviewed a proposed Subordination Agreement among the <br />Authority, LLAL, and a Lender to be named (the "Subordination Agreement"), and has determined <br />that it is in the best interests of the Authority to approve that document. <br />419695v1 SJB LN140-109 <br />