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419364v1 SJB LN140 -109 3 <br /> <br />EXHIBIT A <br /> <br />February ____, 2013 <br /> <br />Larry Dalien <br />Pr operty Records and Public Service Department <br />Anoka County <br />Anoka County Government Center <br />2100 Third Ave. <br />Anoka, MN 55303 <br /> <br />RE: Letter of Intent Regarding Conveyance of PIN 17 -31 -22 -12 -0062 <br /> <br />Dear Mr. Dalien: <br /> <br />The above -referenced parcel (the “Parcel”) is t ax -forfeited land within the area known as Legacy at <br />Woods Edge in the City of Lino Lakes (the “City”). The Parcel contains approximately 1.23 acres, and is <br />legally described as Outlot A, The Village No. 4. <br /> <br />Lino Lakes Assisted Living (“LLAL”) owns and o perates an assisted living and memory care facility located <br />immediately adjacent to the Parcel. LLAL has proposed to expand its facility, and wishes to acquire the <br />Parcel for that purpose. <br /> <br />The Parcel is currently encumbered by outstanding special assessm ents in the amount of $290,500. <br /> <br />We understand as follows: <br /> <br />1. The Lino Lakes Economic Development Authority (the “EDA”) will submit a resolution by <br />the EDA board authorizing the EDA to acquire the Parcel under Minnesota Statutes, <br />Section 282.01, subd. 1a. The EDA will submit the resolution after the EDA has finalized <br />terms of an agreement with LLAL, to the EDA’s satisfaction, under which agreement <br />LLAL will purchase the Property from the EDA (for the same price paid by the EDA), and <br />LLAL will construct certain improvements on the Parcel by specified dates. <br /> <br />2. The EDA will acquire the Parcel from the County for a purchase price of $321,474, which <br />amount the EDA and County agree represents the Parcel’s fair market value. The EDA <br />will deposit such purch ase price with the County at the time of submitting the EDA <br />resolution, with the understanding that amount will be turned to the EDA if for any <br />reason the transaction with LLAL is not finalized within a specified time period. <br /> <br />3. In accordance with Minneso ta Statutes, Section 282.08, clause (3), the County will <br />distribute net proceeds from the sale of the Parcel back to the City, in order to discharge <br />special assessments that were chargeable against the Parcel at the time of forfeiture. <br /> <br />4. From the total s ale proceeds, the County will net out administrative costs in the amount <br />of $30,974. Therefore, the net distribution to the City will be $290,500 (which equals <br />the outstanding special assessments).