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ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3 <br /> <br /> <br />STAFF ORIG INATOR: Mary Alice Divine <br /> <br />MEETING DATE: March 11 , 2013 <br /> <br />TOPIC: Public Hearing: Consideration of Sale of Property to Lino Lakes <br />Assisted Living <br /> <br />VOTE REQUIRED: Simple Majority to Open and Close the Public Hearing <br /> <br /> <br />BACKGROUND <br />The Economic Development Authority entered into a Letter of Intent with Anoka County to <br />acquire a 1 .2 3 -acre tax -forfeited property adjacent to the existing Lino Lakes Assisted Livi ng <br />(LLAL). LLAL has made an offer to purchase the parcel adjacent to its existing facility for <br />expansion. For consideration is a purchase agreement whereby the EDA will acquire the <br />property for $321,474. The developer will deposit the purchase price with t he EDA upon <br />execution of the agreement. The developer understands that Anoka County will re -convey to <br />the City the net proceeds of the purchase price paid by the EDA to pay outstanding <br />assessments. Also included in the purchase agreement is a standard subo rdination agreement <br />subordinating the EDA’s interests to LLAL’s mortgage lender. <br /> <br />The original agreement with LLAL in November 18, 2009 provided for payment in lieu of <br />taxes if the parcel were to be sold to an entity that is exempt from paying property ta xes. That <br />PILOT agreement will extend to the expansion until the maturity date of the original contract. <br /> <br />RECOMMENDATION <br /> <br />1. Open and Close the Public Hearing. <br /> <br />2. Staff recommends Approval of Resolution 13 -03 Approving a Purchase and <br />Redevelopment Agreement bet ween the Lino Lakes Economic Development Authority <br />and Lino Lakes Housing Limited Partnership and Related Subordination Agreement <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 13 -03 <br />2. Purchase and Development Agreement <br />3. Subordination Agreement <br />4. Site Plan and Elevation <br />