Laserfiche WebLink
AGENDA ITEM 6 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/24/97 <br />TOPIC: Consideration of a proposed sale of Blue Heron <br />Development Corporation property to Lakeview <br />Development Inc. <br />BACKGROUND: <br />Blue Heron Development Corporation entered into a development agreement <br />with the Lino Lakes EDA on July 14, 1995 to build a 20,000-square foot facility in <br />the Apollo Business Center for lease to light industrial users. The company built <br />in 1996 and has a temporary Certificate of Completion but does not have a final <br />Certificate of Completion because landscaping was not completed. <br />The development agreement states that the EDA must approve a transfer of title <br />if a Certificate of Completion for the minimum improvements has not been <br />issued. The owner now wishes to sell the property to Bill Dubats of Lakeview <br />Development Inc. Mr. Dubats has requested approval by the EDA to transfer <br />title. <br />The title company will hold $15,000 in escrow to ensure completion of the <br />landscaping. Mr. Dubats has agreed to complete the minimum improvements <br />within 90 days of the closing, and has also indicated he plans to improve the <br />color scheme of the building. <br />OPTIONS: <br />1. Approve the transfer of title from Blue Heron Development Corporation to <br />Lakeview Development Inc. of Minnesota <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />