Resolution No. 95-09 EDA - Laserfiche WebLink

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^ Member F tl i of t introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95- 0 9 RESOLUTION AUTHORIZING SALE OF PROPERTY BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals 1.01. On May 22, 1995, the Lino Lakes Economic Development Authority (the "Authority") adopted and the City of Lino Lakes (the "City") approved a tax increment financing plan (the "Plan") for TIF District No. 1-7 authorizing the Authority to write down the cost of land for a proposal project. 1.02. The Authority is currently negotiating a development agreement with Mag -Con Engineering, Inc. (the "Developer") whereby the Authority will agree to purchase property legally described on Exhibit A attached hereto (the "Property") from the City for $89,700 and to resell it to the Developer for $74,000, subject to the Authority's compliance with the requirements of Minnesota Statutes, section 469.105. 1.03. 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 to the Developer for $74,0000 is in the best interest of the Authority. 2.02. It is hereby found and determined that the sale of the Property to the Developer furthers the Authority'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 deed and other appropriate documents to facilitate sale of the Property 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 Property to the Developer. RHB92234 LN140-33