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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3 <br /> <br /> <br />STAFF ORIG INATOR: Mary Alice Divine <br /> <br />MEETING DATE: February 25 , 2013 <br /> <br />TOPIC: Consi deration of Resolution No. 13 -02 Authorizing Letter of Intent <br />for, and Acqui sition of, a Tax Forfeited Parcel Within Legacy at <br />Woods Edge <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />BACKGROUND <br />Lino Lakes Assisted Living (LLAL) has made an offer to purchase the parcel adjacent to its <br />existing facility for expansion. This parcel is tax forfeit. S tate statute allows the EDA to <br />purchase the parcel through Anoka County and resell it to a developer. <br /> <br />Th is Resolution authorizes the city administer to notify Anoka County of the EDA’s intent to <br />acquire the parcel for a purchase price of $321,474. The Co unty will distribute the proceeds <br />from the sale back to the City, less $30,974 which will be withheld for county administration <br />costs. The net proce eds in the amount of $290,500 are equal to the amount of outstanding <br />special assessments on the parcel. <br /> <br />Thi s Letter of Intent is not a binding commitment. Before the actual purchase of the property is <br />made, LLAL will submit payment to the City in the amount of $321,474. The EDA will later <br />approve a purchase/development agreement at a public hearing. <br /> <br />RECOMMEND ATION <br /> <br />Approve Resolution No. 13 -02 <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 13 -02 <br />2. Exhibit A – Letter of Intent <br />3. Legacy Parcel Map <br /> <br />