Laserfiche WebLink
DRAFT <br /> 1 <br /> 2 <br />CITY OF LINO LAKES 3 <br />ECONOMIC DEVELOPMENT AUTHORITY 4 <br />MINUTES 5 <br /> 6 <br />DATE : November 13, 2006 7 <br />MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert, 8 <br />MEMBERS ABSENT : J. O’Donnell 9 <br />OTHERS PRESENT : Mary Divine, Gordon Heitke, Jean Viger, Al Rolek 10 <br />and Julie Bartell 11 <br /> 12 <br /> 13 <br />Meeting called to order by President Stoltz at 6:17 p.m. 14 <br /> 15 <br />CONSIDERATION OF MINUTES OF JANUARY 23, 2006 16 <br /> 17 <br />EDA Member Reinert moved to approve the January 23, 2006 minutes, as presented. EDA 18 <br />Member Carlson seconded the motion. Motion passed unanimously. 19 <br /> 20 <br />RESOLUTION NO. 06-02, FIRST AMENDMENT TO LEASE-PURCHASE 21 <br />AGREEMENT BETWEEN LINO LAKES EDA AND THE CITY OF LINO LAKES 22 <br /> 23 <br />Mr. Rolek advised the City’s bond counsel has advised that the EDA would need to amend the 24 <br />Lease-Purchase Agreement for the outstanding EDA bonds Series 1998A because the lease 25 <br />payments will be reduced to the amount needed to pay the small amount of bonds that will 26 <br />remain outstanding. 27 <br /> 28 <br />The City Council has approved the amended agreement in its resolution awarding the sale of the 29 <br />G.O. CIP Refunding bonds 2006E. The EDA must also approve the amended agreement. 30 <br /> 31 <br />EDA Member Reinert moved to approve Resolution No. 06-02, as presented. EDA Member 32 <br />Bergeson seconded the motion. Motion carried unanimously. 33 <br /> 34 <br />RESOLUTION NO. 06-03, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN 35 <br />OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT 36 <br />BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE 37 <br />CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC. 38 <br /> 39 <br />Ms. Divine stated the EDA entered into a Contract for Private Development with the Hartford 40 <br />Group on December 20, 2004, (amended on September 13, 2005) setting forth the terms and 41 <br />conditions of redevelopment for Legacy at Woods Edge. 42 <br /> 43 <br />The Contract acknowledges that Hartford Group plans to sell certain portions of the development 44 <br />property to subdevelopers, and requires that any proposed subdeveloper assume all the 45 <br />obligations of the developer for the portion of the property being transferred. The subdeveloper 46 <br />must agree to be subject to all the conditions and restrictions of the Contract, including the 47 <br />construction of minimum improvements on the site. 48