Resolution No. 97-19 EDA - Laserfiche WebLink

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Member Kuether introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-19 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") adopted 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. On March 25, 1996 the City approved a modified tax increment financing plan for TIF District No. 1-7 to expand the district to provide expanded employment opportunities and to increase the tax base of Lino Lakes. 1.04. The EDA entered into a development agreement with Rice Industries, Inc., a Minnesota Corporation (the "Developer") whereby the EDA agreed to purchase property legally described as that part of Outlot B, Apollo Business Park, Anoka County, Minnesota lying southwesterly of Line A as described below and northeasterly of Line B and its northwesterly extension 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 being 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 64.15 feet on a tangential curve concave to the southeast, having a radius of 799.00 feet and a central angle of 04 degrees 36 minutes 00 seconds to a point hereinafter referred to as Point "A", said Point "A" also being the point of beginning of Line A to be described; thence South 49 degrees 48 minutes 48 seconds East 295.14 feet to the southeasterly line of said Outlot B and there terminating. LINE B: Commencing at Point "A" as described above; thence South 23 degrees 01 minutes 44 seconds West 347.44 feet to the point of beginning of Line B to be described; thence South 57 degrees 35 minutes 05 seconds East 203.37 feet to the southeasterly line of said Outlot B and there terminating. Subject to an easement for ingress and egress over and across the Northeasterly 10 feet of the Northwesterly 60 feet thereof (the "Property"), from the City for $63,570 and to resell it to the