HomeMy WebLinkAboutResolution No. 97-04 EDAMember Neal introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 97-04
RESOLUTION AUTHORIZING THE SALE OF PROPERTY
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals
1.01. The Lino Lakes Economic Development Authority (the "Authority") approved a tax
increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-7 (TIF
District No. 1-7) on May 22, 1995.
1.02. On May 22, 1995, the City Council of the City of Lino Lakes (the "City") approved
the Plan.
1.03. The EDA entered into a development agreement with Lino Lakes Business Center
Phases 2, 3, 4, 5„ a Minnesota Corporation (the "Developer") whereby the EDA agreed to
purchase two properties legally described on Exhibit A attached hereto ("Parcel A" and "Parcel
B") from the City for $278,070 and to resell it to the Developer for $278,070 subject to the
EDA's compliance with the requirements of Minnesota Statutes, section 469.105.
1.04. Pursuant to Minnesota Statutes, section 469.105, the EDA has held a public hearing
on the proposed sale of the Properties to the Developer, following published notice as required by
law, at which hearing all persons wishing to express an opinion were given an opportunity to do
so.
Section 2. Findings.
2.01. It is hereby found and determined that the sale of the Properties to the Developer is
in the best interest of the EDA.
2.02. It is hereby found and determined that the sale of the Properties furthers the EDA's
general plan of economic development of the community.
Section 3. Authorization.
3.01. The President and Executive Director are hereby authorized and directed to execute
a quit claim deed and other appropriate documents to facilitate sale of the Properties to the
Developer.
3.02. The President, Executive Director, staff and consultants are hereby authorized and
directed to take any and all other steps necessary or convenient in order to accomplish the sale of
the Properties. l
Dated: --711.4--1-4" e7 , 1997.
ATTEST:
Executive Director
President
The motion for the adoption of the foregoing resolution was duly seconded by member a%►licii 13n
vote being taken thereon, the following voted in favor thereof:
Neal, Lyden, Landers (Kuether, Bergeson absent)
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
EXHIBIT A
LEGAL DESCRIPTIONS
PARCEL A:
That part of Outlot A, Apollo Business Park, Anoka County, Minnesota which lies
easterly of the following described Line "A" and westerly of the following described Line
«B,3 :
Line "A":
Commencing at the Northwest corner of said Outlot A; thence on an assumed bearing of
South 89 degrees 14 minutes 00 seconds East along the north line of said Outlot A for a
distance of 150.00 feet to the point of beginning of the line to be described; thence South
00 degrees 02 minutes 36 seconds East 500.14 feet; thence South 44 degrees 57 minutes
24 seconds West 203.01 feet to a point on the southwesterly line of said Outlot A and
there terminating.
Line "B":
Commencing at the Northwest corner of said Outlot A; thence on an assumed bearing of
South 89 degrees 14 minutes 00 seconds East along the north line of said Outlot A for a
distance of 460.00 feet to the point of beginning of the line to be described; thence South
00 degrees 02 minutes 36 seconds East 355.00 feet; thence South 26 degrees 52 minutes
56 seconds East 192.05 feet to the southeasterly line of said Outlot A and there
terminating.
PARCEL B:
That part of Outlot B, Apollo Business Park, Anoka County, Minnesota lying
southwesterly of Line A as described below and northeasterly of Line B as described
below:
Line A:
Commencing at the most northerly corner of said Outlot B; thence on an assumed bearing
of South 58 degrees 02 minutes 08 seconds West along the northwesterly line of said
Outlot B a distance of 126.35 feet; thence southwesterly along said northwesterly line and
along a tangential curve concave to the southeast, having a radius of 799.00 feet, a central
angle of 17 degrees 50 minutes 56 seconds and an arc length of 248.91 feet; thence south
40 degrees 11 minutes 12 seconds West along said northwesterly line and tangent to said
curve 337.84 feet; thence southwesterly along said northwesterly line and along a
tangential curve concave to the Southeast having a radius of 799.00 feet, a central angle of
4 degrees 36 minutes 00 seconds and an arc length of 64.14 feet to a point hereinafter
referred to as Point "A" to be described; thence South 49 degrees 48 minutes 48 seconds
East and not tangent to said curve 295.14 feet to the southeasterly line of said Outlot B
and there terminating.
Line B:
Commencing at Point "A" as described above; thence southwesterly along said
northwesterly line of Outlot B along a non-tangential curve concave to the Southeast
having a radius of 799.00 feet, a central angle of 23 degrees 48 minutes 27 seconds, an arc
distance of 332.00 feet, a chord length of 329.62 feet which bears South 23 degrees 41
minutes 01 seconds West to the point of beginning of Line B; thence South 79 degrees 13
minutes 28 seconds East not tangent to said curve 236.48 feet to the southeasterly line of
said Outlot B and there terminating