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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br /> AGENDA ITEM 3 <br /> STAFF ORIGINATOR: Mary Alice Divine <br /> MEETING DATE: February 25, 2013 <br /> TOPIC: Consideration of Resolution No. 13-02 Authorizing Letter of Intent <br /> for, and Acquisition of, a Tax Forfeited Parcel Within Legacy at <br /> Woods Edge <br /> VOTE REQUIRED: 3/5 <br /> BACKGROUND <br /> Lino Lakes Assisted Living (LLAL) has made an offer to purchase the parcel adjacent to its <br /> existing facility for expansion. This parcel is tax forfeit. State statute allows the EDA to <br /> purchase the parcel through Anoka County and resell it to a developer. <br /> This Resolution authorizes the city administer to notify Anoka County of the EDA's intent to <br /> acquire the parcel for a purchase price of $321,474. The County will distribute the proceeds <br /> from the sale back to the City, less $30,974 which will be withheld for county administration <br /> costs. The net proceeds in the amount of $290,500 are equal to the amount of outstanding <br /> special assessments on the parcel. <br /> This Letter of Intent is not a binding commitment. Before the actual purchase of the property is <br /> made, LLAL will submit payment to the City in the amount of$321,474. The EDA will later <br /> approve a purchase/development agreement at a public hearing. <br /> RECOMMENDATION <br /> Approve Resolution No. 13-02 <br /> ATTACHMENTS <br /> 1. Resolution No. 13-02 <br /> 2. Exhibit A—Letter of Intent <br /> 3. Legacy Parcel Map <br />