Resolution No. 95-04 EDA - Laserfiche WebLink

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Member Pi i iott introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-04 RESOLUTION AUTHORIZING 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 Nol-Tec Systems, Inc., a Minnesota corporation (the "Developer") whereby the EDA agreed to purchase property legally described as Lot 2 and a portion of Lot 3, Block 1, Apollo Business Park, Anoka County, Minnesota (the "Property") from the City for $117,000 and to resell it to the Developer for $54,000, subject to the EDA's compliance with the requirements of Minnesota Statutes, § 469.105. 1.04. Pursuant to Minnesota Statutes, § 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 law, at which hearing all person 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 Property to the Developer is in the best interest of the EDA. 2.02. It is hereby found and determined that the sale of the Property 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 Property to the Developer. RHB88868 LN140-36