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Member introduced the following resolution and moved its adoption: <br />City of Lino Lakes <br />Resolution No. 2001-39 <br />RESOLUTION TERMINATING ASSESSMENT AGREEMENT <br />WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") entered <br />into a Contract for Private Development dated April 25 , 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 council of the city of Lino Lakes <br />that the Assessment Agreement entered into by the Authority and the Developer and recorded on <br />the 8th day of June , 2000 as document number 1505096 in Anoka County, Minnesota, <br />is hereby terminated. <br />Dated: March 12, 2001. <br />John Bergeson, Mayor <br />Attest: <br />Linda Waite Smith, City Administrator <br />The motion for the foregoing resolution was duly seconded by Member <br />and upon a vote being taken thereon, the following voted in favor thereof <br />RHB-194199v1 <br />LN140-69 <br />