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ECONOMIC' }EVELOPMENT AUTHORITY <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MARCH 28, 1994 <br />Staff members present: City Administrator, Randy Schumacher; <br />Community Development Director, Brian Wessel; Consulting <br />Attorney, Ron Batty and Clerk -Treasurer Marilyn Anderson. <br />The purpose of the meeting was to conduct a public hearing <br />regarding the advisability of the sale of property legally <br />described as Lot 10, Block 1, Lino Industrial Park and to <br />consider a resolution authorizing the sale of the property. A <br />second resolution regarding the demolition of a substandard <br />building on the southeast corner of Lake Drive and County Road 14 <br />(Main Street) was also to be considered. <br />PUBLIC HEARING - CONSIDER THE ADVISABILITY OF THE SALE OF <br />PROPERTY LEGALLY DESCRIBED AS LOT 10, BLOCK 1, LINO INDUSTRIAL <br />PARK <br />President Reinert opened the public hearing at 6:08 P.M. <br />Mr. Wessel explained that a development contract with Joe <br />Jungman, dba Accu-Tool, Inc., signed in December, 1993 calls for <br />the Economic Development Authority (EDA) to purchase the property <br />being developed by Accu-Tool, Inc. for $62,000.00 (as appraised) <br />and to resell it to the developer for $1.00. A public hearing is <br />required and the EDA must find that the sale is in the best <br />interest of the public -and furthers the City's plan for economic <br />development. <br />Mr. Wessel introduced Mr. Batty. Mr. Batty explained that the <br />public hearing and adoption of the resolution is basically a <br />housekeeping and procedural matter The resolution authorizes <br />the EDA to purchase the property being developed for Accu-Tool, <br />Inc. for $62,000.00 as appraised and to resell it to the <br />PAGE 1 <br />