03-12-2001 EDA Packet - Laserfiche WebLink

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Member introduced the following resolution and moved its adoption: Lino Lakes Economic Development Authority Resolution No. 01-02 RESOLUTION DECLARING DEFAULT AND TERMINATING DEVELOPMENT AGREEMENT WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") entered into that certain contract for private development dated April 25, 2000 (the "Development Agreement") with Bernard V. Carey (the "Developer"); and WHEREAS, pursuant to the Development Agreement, the Developer agreed to construct a manufacturing facility containing 15,000 square feet (the `Minimum Improvements") by no later than December 31, 2000; and WHEREAS, the Developer has failed to begin construction of the Minimum Improvements; and WHEREAS, by letter dated February 1, 2001 the Authority notified the Developer of the default under the Development Agreement and provided the 30 day notice and opportunity to cure the default required by Section 9.2 of the Development Agreement; and WHEREAS, the Developer has failed to cure the default. NOW, THEREFORE, BE IT RESOLVED By the Lino Lakes Economic Development Authority, as follows: 1. The Developer is declared to be in default under the Development Agreement for failing to begin or complete construction of the Minimum Improvements and has failed to cure said default after notice. 2. The Authority hereby elects to cancel and rescind the Development Agreement. 3. The Authority staff is authorized and directed to take any and all steps necessary to terminate the Authority's relationship with the Developer and to make no payments to and confer no benefits on the Developer pursuant to the Development Agreement. 4. The city council is asked to authorize termination of the Assessment Agreement executed by the Developer and the Authority regarding the Minimum Improvements. Dated: March 12, 2001. John Bergeson, President RHB-194197v1 LN140-69