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CITY COUNCIL AGENDA ITEM 2B STAFF ORIGINATOR: Sarah Cotton, Finance Director MEETING DATE: November 13, 2017 TOPIC: Consider Resolution No. 17-126, Authorizing the Transfer and Commitment of Legion Land Sale Proceeds VOTE REQUIRED: 3/5 INTRODUCTION The City Council is being asked to consider Resolution No. 17-126, Authorizing the Transfer and Commitment of Legion Land Sale Proceeds BACKGROUND In 1990, the Lino Lakes Economic Development Authority purchased lots 12-16, Block 2, Carole's Estates as part of a Public Safety complex including construction of a new Fire Station. The properties were transferred to the City as part of the project financing. In 1999, following completion of the Civic Complex, the City sold the former Police Station (Lot 15) to the American Legion. In 2017, the American Legion expressed a need to expand parking to efficiently operate their existing facility. Through negotiations with the American Legion, the City Council reached an agreement for the sale of Lot 14, Block 2 of Carole's Estates 2nd Addition for a price of $90,000. At the time of sale, staff had proposed utilizing the sale proceeds to assist in future economic development opportunities subject to the council's discretion (i.e. Land Acquisition, Gap Funding, etc.). Council did not take formal action regarding this commitment at the time of sale. Staff is requesting council approval to transfer the sale proceeds to the Economic Development Fund and commit the funds to future economic development opportunities subject to the council's discretion. RECOMMENDATION Staff recommends the approval of Resolution No. 17-126. ATTACHMENTS Resolution No. 17-126