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NOV-07-2001 10:24 <br />CITY OF LINO LAKES 651 982 2499 P.02/02 <br />• :° Council Member O'Donnell introduced the following resolution and moved its adoption; <br />City of Lino Lakes <br />Resolution No. 01-39 <br />RESOLUTION TER1VMINATINo ASSESSMENT AGREEMENT <br />WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") entered <br />into a Contract for Private Development dated April , ar , 2000 (the "Development <br />Agreement") with Bernard V. Carey (the "Developer") for construction of a 15,000 square foot <br />manufacturing facility (the "Minimum Improvements") to be completed by December 31, 2000; <br />and <br />WHEREAS, the Authority and Developer also entered into an Assessment Agreement <br />calling for a minimum market value of $690,800 with regard to the Minimum- Improvements as <br />of January 2, 2001 for taxes payable beginning in 2002; and <br />WHEREAS, the Developer has defaulted under the Development Agreement by failing to <br />construct the Minimum Improvements; and <br />WHEREAS, the Authority has terminated the Development Agreement as a result of the <br />Developer's default and wishes to terminate the Assessment Agreement. <br />NOW, THEREFORE, BE IT RESOLVED By the city cotmcil of the city of Lino Lakes <br />that the Assessment Agreement entered into by the Authority and the Developer and recorded on <br />the �"'�, day of 9 2000 as document number /f9fe in Anoka County, Minnesota, <br />is hereby terminated. <br />Dated: March 12, 2001. <br />John Bergeson, Mayor <br />Attest:: <br />Ota-aretex. <br />Ry Chel Gaustad CMC, City Clerk <br />The motion for the foregoing resolution was duly seconded by Council Member Reinert and <br />upon a vote being taken thereon, the following voted in favor thereof: All <br />and the following voted against same: None <br />Whereupon said resolution was declared duly adopted. <br />RFIB-19419911 <br />LNI40469 <br />1 <br />TOTAL P.02 <br />