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STAF <br />DATE: <br />TOPIC: <br />AEA ITEM 5 <br />�INATOR: Brian Wessel <br />44128/97 <br />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 />t 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 owner has entered into a purchase agreement with Bill and Jan Dubats of <br />Lakeview Development Inc. The EDA's development agreement with Blue <br />Heron states that the EDA must approve a transfer of title if a Certificate of <br />Completion for the minimum improvements has not been issued. Mr. Dubats has <br />requested approval by the EDA to transfer title. He plans to close on the <br />property on or about May 30, 1997. <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 and complete the landscaping. <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 />