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ORIGINATOR Brian Wessel <br />August 14, 1995 <br />Consideration of the Contract for Private Development <br />between Lino Lakes EDA and Mag-Con, Inc. <br />GROUND <br />lopment contract between the EDA and Mag-Con Inc. is required to outline the <br />ans for public assistance and for the conveyance of city property to Mag-Con. <br />ireement allows the EDA to purchase the property from the city for $89,700 <br />I the property to Mag-Con for $74,000. Mag-Con will pay the EDA $74,000 <br />losing and the EDA will reimburse Mag-Con $74,000 plus $15,000 in interest <br />es on a pay-as-you-go basis. <br />reement also arranges for the city to remove $59,781 in special assessments <br />ompletion of the new building. <br />)NS <br />rove the contract for private development between Lino Lakes EDA and Mag- <br />c. <br />irn to staff for further consideration <br />fNIENDA`TION' <br />