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EDA MINUTES MARCH 11, 2013 <br />APPROVED <br />DATE : March 11, 2013 <br />TIME STARTED : 6:15 p.m. <br />TIME ENDED : 6:20 p.m. <br />MEMBERS PRESENT : Commissioners O'Donnell, Roeser, <br />Reinert, Rafferty, Stoesz <br />MEMBERS ABSENT : None <br />OTHERS PRESENT: : Mary Divine <br />The meeting was called to order at 6:15 p.m. by President Roeser. <br />CONSIDERATION OF THE MINUTES OF JANUARY 14, 2013 <br />EDA Member O'Donnell moved to approve the January 25, 2013 minutes. EDA Member <br />Rafferty seconded the motion. Motion carried on a unanimous voice vote. <br />PUBLIC HEARING TO CONSIDER THE SALE OF PROPERTY TO LINO LAKES <br />ASSISTED LIVING <br />Mary Divine, Economic Development Coordinator, explained the terms of the Purchase and <br />Redevelopment Agreement between the EDA and Lino Lakes Assisted Living, LLC (LLAL). <br />She explained that LLAL would deposit the purchase price of $321,474 and the City would <br />purchase the property from Anoka County. The County will re -convey $290,500 to the City for <br />payment on the special assessments. Also included in the agreement is a subordination <br />agreement subordinating the EDA's interest to the mortgage lender. <br />EDA President Roeser opened the public hearing at 6:18 p.m. Upon hearing no one wishing to <br />speak he closed the public hearing at 6:18 p.m. <br />CONSIDERATION OF RESOLUTION 13-03 APPROVING A PURCHASE AND <br />REDEVELOPMENT AGREEMENT BY AND BETWEEN THE LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY AND LINO LAKES HOUSING LIMITED <br />PARTNERSHIP AND RELATED SUBORDINATION AGREEMENT <br />EDA Member Rafferty moved to approve Resolution No. 13-03 as presented. EDA Member <br />Stoesz seconded the motion. Motion carried on a unanimous voice vote. <br />ADJOURNMENT <br />There being no further business, EDA President Roeser moved to adjourn. EDA Member <br />O'Donnell seconded the motion. Motion carried on a unanimous voice vote. <br />Meeting adjourned at 6:20 p.m. <br />1 <br />