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AGENDA ITEM 7A <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 03/12/01 <br />TOPIC: Consideration of Resolution NO. 2001-39, <br />Terminating Assessment Agreement, H&L Mesabi <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />On January 24, 2000 the Lino Lakes Economic Development Authority entered <br />into a Contract for Private Development with H&L Mesabi. The contract required <br />H&L Mesabi to complete the construction of its facility by December 31, 2000. <br />The facility has not been constructed and the EDA earlier tonight considered <br />declaring default and terminating the agreement. <br />An assessment agreement was also entered into by the EDA on behalf of the <br />city calling for a minimum market value of $690,800 with regard to the minimum <br />improvements as of January 2, 2001, for taxes payable beginning in 2002. With <br />no construction on the site, this market value does not apply and the <br />assessment agreement can be terminated. <br />OPTIONS: <br />1. Adopt Resolution 2001-39, terminating the assessment agreement <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />