Resolution No. 96-05 EDA - Laserfiche WebLink

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Member Bergeson introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 96-05 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 Progressive Engineering, 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 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 75.00 feet 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 323.37 feet to the southeasterly line of said Outlot B and there terminating. LINE B: Commencing at Point "A" as described above; thence South 40 degrees 11 minutes 12 seconds West along the northwesterly line of said Outlot B a distance of 262.84 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 the point of beginning of the Line B 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. (the "Property") from the City for $89,700 and to resell it to the Developer for $19,500 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 Property to the Developer, following published notice as required by