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1st Reading: Publication: <br />2nd Reading: Effective: <br />CITY OF LINO LAKES <br />ORDINANCE NO. 04-21 <br />ORDINANCE APPROVING SALE OF LAND TO <br />VAQUERO VENUTURES MANAGEMENT, LLC <br />The City Council of Lino Lakes ordains: <br />Section 1. Property. The City is the fee owner of the Property legally described as: <br />Lot 12 and Lot 13, Block 2, Carole’s Estates 2nd Addition <br />Section 2. Findings. <br />1.The Property is excess property identified for sale to promote economic <br />development. <br />2.The Property is guided for Commercial use in the City’s 2040 Comprehensive <br />Plan and zoned GB, General Business District. <br />3.The sale of property will result in development of the property and enhancement <br />of the City’s tax base. <br />4.The sale of property will facilitate realignment of the 77th Street to provide <br />improved commercial and residential access to property west of Lake Drive. <br />Section 3. Authorization <br />The City Council approves the sale of the Property to Vaquero Ventures <br />Management, LLC. The Mayor and City Clerk are hereby authorized and directed to <br />execute a purchase agreement, deed and other documents as may be necessary in order to <br />sell the Property. Proceeds from the sale of the Property shall be used in accordance with <br />the requirements of the City Charter. <br />Section 4. Effective Date. <br />This ordinance shall be in full force and effect from and after 30 days following <br />its passage and publication, in accordance with section 3.09 of the City Charter. <br />Adopted by the Lino Lakes City Council this 24th day of May, 2021.