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AGENDA ITEM 3 <br />RIGINATOR Brian Wessel <br />DATE <br />TOPIC <br />June 7, 1995 <br />Consideration of the Contract for Private Development <br />between Lino Lakes EDA and Nol-Tec Systems, Inc. <br />A development contract between the EDA and Nol-Tec Systems, Inc. is required to <br />outline the conditions for public assistance and for the conveyance of city property <br />to Noi-Tec. This agreement allows the EDA to purchase the property from the city for <br />$ 117,000 and to write down the cost of the property and sell it to the developer for <br />$54,000. The developer is responsible to pay the EDA $54,000 upon closing. The <br />agreement also arranges for the city to remove $90,249.27 in special assessments <br />upon completion of the new building. <br />i; <br /><ZN <br />1. Approve the contract for private development between Lino Lakes EDA and Noi-Tec <br />Systems, Inc. <br />2. Return to staff for further consideration <br />Option 1 <br />