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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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7/8/2019 12:27:13 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In <br />specific circumstances, the services of a professional should be sought. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member <br />of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly <br />Virchow Krause, LLP <br /> <br /> Developer to arrange for relocation of Xcel power lines - relocated lines will be relocated underground. <br /> Developer to provide public utility easement for sanitary sewer, lift station, water main. <br /> Developer to provide County and City right of way over Parcel 5 as necessary for realignment of public <br />road. <br /> Developer must construct public road (as shown on preliminary plat) to County Road J and put in all <br />utilities and complete grading. <br /> <br />4. Declaration of Restrictive Covenants <br /> 20% of the town homes and 20% of the independent living and assisted living must be affordable to <br />individuals or families earning 50% or less of area median income OR 40% of the town homes and 40% <br />of the independent living and assisted living must be affordable to individuals or families earning 60% or <br />less of area median income. <br /> Declaration of restrictive covenants effective until the pay go note is paid in full. <br /> <br />5. Reduction of TIF Note <br /> The principal amount of the TIF Note will be reduced by the amount of any additional trunk credits or fee <br />reductions it receives from the City (not including credits already accounted for). <br /> Within sixty (60) days of the completion of the construction of the Senior Building, the Developer shall <br />provide the Authority with final construction costs of the Senior Building (including related Infrastructure <br />Improvements). If the final construction costs are less than estimated by the Developer at the time it <br />sought assistance from the Authority, the principal amount of the TIF Note shall be reduced by 5% of the <br />difference between the initial estimated construction costs and the final construction costs. <br /> <br />6. Sale of Restaurant and Commercial Properties <br /> In the first eight years following the date of this Agreement, if the Developer sells the restaurant and <br />commercial properties for more than five percent (5%) of the Developer’s cost for such parcel (including <br />purchase price and all fees related to the purchase), the Developer shall pay to the Authority 45% of the <br />profit obtained by Developer for such parcel. The cost of each parcel sold by the Developer shall be <br />determined by dividing the gross land price paid by the Developer by the net developable acreage of <br />each parcel to determine a per square foot cost and multiplying the square footage cost by the number <br />of square feet sold. <br /> <br />Thank you for the opportunity to be of assistance to the City of Lino Lakes. Please contact me at 651.223.3036 <br />or 651.368.2533 or mikaela.huot@bakertilly.com with any questions or comments.
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