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AGENDA ITEM 3 <br /> STAFF MEMBER Mary Alice Divine <br /> DATE February 25, 2013 <br /> SUBJECT Consideration of Letter of Intent Regarding Conveyance of <br /> a Parcel in the Legacy at Woods Edge Development <br /> VOTE REQUIRED Simple Majority <br /> BACKGROUND <br /> Lino Lakes Assisted Living (LLAL) has made an offer to purchase the parcel adjacent to <br /> its existing facility for expansion. This parcel is in tax forfeit. State statute allows the EDA <br /> to purchase the property and resell it to a private developer. <br /> This Letter of Intent is from the Lino Lakes Economic Development Authority (EDA) to <br /> Anoka County, explaining that once the EDA has finalized a purchase agreement with <br /> LLAL, the EDA will acquire the parcel from the County for a purchase price of$321,474. <br /> The County will distribute the proceeds from the sale back to the City, less $30,974 <br /> which will be withheld for County administration costs. The net proceeds in the amount <br /> of$290,500 equal the amount of outstanding special assessments on the parcel. <br /> This Letter of Intent is not a binding commitment. Before the actual purchase of the <br /> property is made, LLAL will submit payment to the City in the amount of$321,474. The <br /> EDA will then pass a resolution which will be submitted to the Anoka County Board of <br /> Commissioners to finalize the sale. <br /> RECOMMENDATION: <br /> Staff is recommending Approval of the Letter of Intent <br /> ATTACHMENTS <br /> 1. Letter of Intent <br /> 2. Map of Parcel <br />