09-12-2016 Council Packet - Laserfiche WebLink

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1st Reading: Publication: 2nd Reading: Effective: CITY OF LINO LAKES ORDINANCE NO. 10-16 ORDINANCE APPROVING SALE OF LAND TO DUPONT HOLDINGS, LLC The City Council of Lino Lakes ordains: Section 1. Property. The City is the fee owner of the real property legally described as: The South 550.00 feet of the East 330.00 feet of the Southwest Quarter of the Southwest Quarter of Section 28, Township 31, Range 22, Anoka County, Minnesota Section 2. Findings. 1. City (Seller) and Dupont Holdings, LLC (Buyer) entered into a Development Agreement and Planned Unit Development Agreement dated May 6, 2016, for the Saddle Club Second Addition; and 2. a condition of the Development Agreement is that Buyer acquire fee simple title to the referenced Property from the Seller in order to install road and utility improvements. 3. City and Seller entered into a Land Acquisition Escrow Agreement dated May 11, 2016, whereby buyer deposited with the Seller certified funds (the “Escrowed Funds”) for purchase of the Property. Section 3. Easements Easements in gross across the entire Property for right-of-way, utilities (water and sanitary sewer) and drainage and utilities (storm water) shall be provided on the property. As part of any subsequent platting process for the Property, such easements shall be dedicated to the City in the locations where the right-of-way and the water, sanitary sewer storm sewer systems are constructed, in the size and shape as is customary for Lino Lakes, and the easements in gross shall be vacated by the City. Section 4. Authorization The city council of the City approves the sale of the property to Dupont Holdings, LLC. The mayor and city clerk are hereby authorized and directed to execute a purchase agreement and other documents as may be necessary in order to sell the Property.