12-17-2001 EDA Packet - Laserfiche WebLink

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TERMINATION AGREEMENT THIS AGREEMENT is made as of November 1, 2001, by and between the Lino Lakes Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the "Authority"), and Bernard V. Carey (the "Developer"). RECITALS: A. Pursuant to the Contract for Private Development dated April 25, 2000 (the "Development Contract"), the Authority and the Developer entered into an agreement providing for the development of certain property located in the City of Lino Lakes, and legally described in Exhibit A hereto (the "Property"). B. Pursuant to the Development Contract, the Authority and the Developer also entered into the April 25, 2000 Assessment Agreement (the "Assessment Agreement") with respect to the Property. The Assessment Agreement was recorded June 8, 2000, with the Anoka County Recorder as Document No. 1505096. C. Developer's business in the State of Minnesota, which Developer hoped to expand by the development of the Property, in accordance with the terms of the Development Agreement, has suffered extremely adverse financial setbacks, as the customers of Developer's business have failed, gone out of business or otherwise ceased placing orders with Developer's business, such that the development of the Property by Developer is no longer possible. D. Developer now hopes to sell the Property to a prospective purchaser, which can itself develop the Property, and make the same a productive site, having an increased market value. However, in order to sell the Property to the prospective purchaser, the Development Contract and the Assessment Agreement must be terminated, as a condition to the sale of the Property. E. The Authority has recognized the plight of the Developer, and has issued its resolution approving the termination of the contractual relationships between the Authority and the Developer. Pursuant to the Developer's request and the resolution issued by the Authority, the Authority is willing to enter into