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TOR: Brian Wa <br />sideration of the Cc <br />opment between Lino <br />EDA and Progressive'E iineeri Technology, Inc. <br />A development contract between the EDA and Progressive Engineering is <br />required to outline the conditions for public a ce ate! for the conveyance of <br />city property to Progressive Engineering. This a reerr nt allows the EDA to <br />purchase the property from the cry for $89'7{Xi aria it t+o the developer for <br />$53,160. Progressive Engineering will be reimbursed $33,660 of its purchase <br />price on a pay-as-you-go basis. The agr t+ also arranges for the city to <br />remove $51,762 in special assessments up front, with Progressive Engineering <br />paying the remaining $13,500: in assessments at dosing. <br />OPTIONS: <br />1. Approve the contract for privet development between Lino Lakes EDA and <br />Progressive Engineering: <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />