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06-24-2019 Council Packet
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06-24-2019 Council Packet
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10/30/2021 1:08:48 PM
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10/16/2019 12:12:53 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
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 />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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