Resolution No. 19-02 EDA - Laserfiche WebLink

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'"ON LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY,MINNESOTA RESOLUTION NO. 19-02 RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND AUTHORIZING THE ISSUANCE OF ITS TAX INCREMENT REVENUE NOTE IN THE MAXIMUM PRINCIPAL AMOUNT OF$3,218,000 WHEREAS, the City of Lino Lakes (the "City") and the Lino Lakes Economic Development Authority (the "Authority") have approved a tax increment financing plan (the "TIF Plan") relating to the creation of a new tax increment financing district within the Development District designated as the Tax Increment Financing (Housing) District No. 1-13 (the "TIF District"), all as described in a plan document presented to the Board of Commissioners of the Authority(the"Board")on the date hereof;and WHEREAS, the Authority has caused to be drafted a Contract for Private Development (the "Contract"), between the Authority and Lyngblomsten Senior Housing, Inc. (the "Developer"), pursuant to which the Authority has agreement to provide financial assistance in the form of tax increment to the Developer and the Developer has agreed to develop and construct (i) a senior rental housing facility with approximately 142 units, comprised of approximately 92 independent living and approximately 50 assisted living units, with at least twenty percent (20%) of such units to be available to persons of low and moderate income, as described herein (the "Senior Building"); (ii) 20 detached townhomes; (iii) subject to obtaining the proper licensing from the State of Minnesota, approximately 56 units of skilled nursing to be constructed as part of the Senior Building or an expansion to the Senior Building; and (iv) a clubhouse for use by the residents of the Townhomes, the Senior Building, and the Skilled Nursing Units; and WHEREAS,pursuant to Minnesota Statutes, Section 469.178,the Authority is authorized to issue a note for the purpose of financing a portion of the public development costs of the Project. Such notes are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds; and WHEREAS, pursuant to the provisions of the Contract, the Authority agrees to issue a tax increment note to the Developer in the maximum amount of$3,218,000 (the "TIF Note")to reimburse the Developer for costs related to the Senior Building if the conditions set forth in Contract are satisfied; BE IT RESOLVED BY the Board of Commissioners (`Board") of the Lino Lakes Economic Development Authority,Minnesota(the"Authority")as follows: Section 1. Authorizations. 1.01. Contract Approved. The Authority hereby authorizes the President and Executive Director to execute the Contract in substantially the form on file with the Authority, subject to modifications that do not alter the substance of the transaction and are approved by such officials, provided that execution of the Agreement by such officials is conclusive evidence of their approval. 1.02. Issuance of TIF Note. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue the TIF Note in the maximum aggregate principal amount of $3,218,000, for the purpose of financing costs related to the Senior Building. The Authority hereby delegates to the Executive Director the determination of the date on which the TIF Note is to be delivered, in accordance with Section 3.4 of the Agreement. Pursuant to the Agreement, the TIF Note shall be issued