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EDA MINUTES DECEMBER 18, 2006 <br />DRAFT <br />1 <br />2 <br />3 CITY OF LINO LAKES <br />4 ECONOMIC DEVELOPMENT AUTHORITY <br />5 MINUTES <br />6 <br />7 DATE : December 18, 2006 <br />8 MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert, <br />9 MEMBERS ABSENT : J. O'Donnell <br />10 OTHERS PRESENT : Mary Divine, Gordon Heitke, Al Rolek, Mike <br />11 Grochala, Dave Pecchia and Julie Bartell <br />12 <br />13 <br />14 Meeting called to order by President Stoltz at 6:16 p.m. <br />15 <br />16 CONSIDERATION OF MINUTES OF NOVEMBER 13, 2006 <br />17 <br />18 EDA Member O'Donnell moved to approve the November 13, 2006 minutes, as presented. EDA <br />19 Member Reinert seconded the motion. Motion passed unanimously. <br />20 <br />21 RESOLUTION NO. 06-04, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN <br />22 OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT <br />23 BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE <br />24 CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC., <br />25 <br />26 Ms. Divine advised LLAH Limited Partnership is the limited liability corporation (subdeveloper) <br />27 formed for the development of Lakewood Apartments. This EDA action releases the Hartford <br />28 Group from the conditions that will be assumed by the subdeveloper for the construction of <br />29 Lakewood Apartments. This release will be delivered upon approval of the site development <br />30 agreement with LLAH Limited Partnership. <br />31 <br />32 Ms. Divine stated the Assignment and Release also included a provision that extends the <br />33 Timeline for Commencement and Completion of Construction of the Lakewoods Apartments. <br />34 Due to delays in project financing and approvals, project initiation was delayed. The new <br />35 provisions require that construction must commence by January 15, 2007 and be completed by <br />36 April 15, 2008. <br />37 <br />38 EDA Member Reinert moved to approve Resolution No. 06-04, as presented. EDA Member <br />39 Bergeson seconded the motion. Motion carried unanimously. <br />40 <br />41 RESOLUTION NO. 06-05, APPROVING EXTENSION OF METROPOLITAN <br />42 COUNCIL GRANT AGREEMENT AND LOAN TO LLAH LIMITED PARTNERSHIP <br />43 <br />44 Ms Divine stated the City of Lino Lakes obtained a $225,000 grant under the Livable <br />45 Communities Act Local Housing Incentives Account on December 16, 2005 for the purpose of <br />46 helping to finance Lakewood Apartments in the Legacy at Woods Edge project. <br />1 <br />