Resolution No. 95-06 EDA - Laserfiche WebLink

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Member Elliott introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-06 RESOLUTION AUTHORIZING SALE OF PROPERTY BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals 1.01. The City of Lino Lakes (the "City") approved a tax increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") on March 26, 1990. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred to it control of TIF District No. 1-4. 1.03. On June 12, 1995 the Authority adopted and the City approved an amendment to the Plan for TIF District No. 1-4 authorizing the Authority to write down the cost of land for a proposal project. 1.04. The Authority is currently negotiating a development agreement with River Woods Development Corporation whereby the Authority will agree to purchase property legally described on Exhibit A attached hereto (the "Property") from the property owner for $78,408 and to resell it to the developer for $43,408, subject to the Authority's compliance with the requirements of Minnesota Statutes, section 469.105. 1.05. Pursuant to Minnesota Statutes section 469.105, the Authority has held a public hearing on the proposed sale of the Property, 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 is in the best interest of the Authority. 2.02. It is hereby found and determined that the sale of the Property furthers the Authority's general plan of economic development of the community. RHB90058 LN140-35