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