03-24-1997 EDA Packet - Laserfiche WebLink

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Lakeview Development Inc. of MN March 14, 1997 Lino Lakes Economic Development Authority Attention: Mary Divine 1189 Main St Lino Lakes, Minnesota 55014 Subject: Contract for Private Development by and Between Lino Lakes Economic Development Authority and Blue Heron Development Corporation of 7/14/95 Enclosure: Purchase Agreement for property at 375 Apollo Drive, Lino Lakes (pp 1-4, 19-21) Members of the Economic Development Authority, The subject Contract provides a broad agreement on provisions under which development of the real estate at 375 Apollo Business Center were to proceed. As you know, Section 3.3 of said agreement calls for project completion by December 31, 1995. To date, landscaping has not been completed by developer Blue Heron/Dan Richmann. Accordingly, the City of Lino Lakes has not issued a Certificate of Completion for the Minimum Improvements set forth in said Contract. The purpose of this memo is to request a waiver to a single provision of Subject Contract. I have entered into a purchase agreement to buy this property, and have subsequently noted that ARTICLE VII, Section 7.1 prohibits such sale prior to issuance of a Certificate of Completion. The transfer of said property to the undersigned will expedite completion of the project. I plan to purchase the property for cash, with provisions to escrow funds for completion. We request approval for the proposed sale/purchase of the property at 375 Apollo. If members of the Economic Development Authority grant approval for this transfer, as provided for on page 11, Section 7.1(b), the undersigned promises the following with respect to the 375 Apollo property: 1. Sufficient funds will be placed in escrow at closing to protect the City's interests by insuring that the Minimum Improvements will be completed. Note that Section XXI of the enclosed purchase agreement requires approval of the Lino Lakes Economic Development Authority prior to disbursement of funds, and 2. The undersigned personally promises that improvements will be completed within 90 days of closing, and 3. The awful color scheme of the building at 375 Apollo will be improved considerably! 6740 NW Hwy 10 Office (612) 757-0122 Anoka, MN 55303 Fax (612) 757-3079