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AGENDA ITEM 4 <br />STAFF ORIGINATOR Brian Wessel <br />DATE June 29, 1995 <br />TOPIC Development Contract between the Lino Lakes EDA and Btue <br />Heron Ltd. <br />A development agreement between the EDA and Blue Heron Ltd. is required to outline <br />the conditions for public assistance for the land write down to Blue Heron. This <br />agreement allows the EDA to purchase property from G.M. Development for $97,408 <br />and sell it to Blue Heron Ltd. for $62,408 It also agrees to arrange with the city for <br />the removal of $65,350.02 in special assessments upon completion of the building. <br />The closing for the transaction has been scheduled for July 6, 1995 at 2 p.m. at the <br />fire hall. <br />.....TI................................... <br />OP•O....NS`• <br />1. Approve the contract for private development between the EDA and Blue Heron <br />Ltd. <br />2. Return to staff for further consideration <br />MENDA TION. <br />Option 1 <br />