09-07-2021 EDA Packet - Laserfiche WebLink

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1 AMENDED AND RESTATED CONTRACT FOR PRIVATE DEVELOPMENT THIS AMENDED AND RESTATED CONTRACT FOR PRIVATE DEVELOPMENT, made as of the __ day of September, 2021 (the “Agreement”), is between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the “Authority”), LYNGBLOMSTEN AT LINO LAKES, LLC, a Minnesota limited liability company (the “Developer”), and LYNGBLOMSTEN SENIOR HOUSING, INC., a Minnesota nonprofit corporation (the “Assignor”). This Agreement amends and restates the Contract for Private Development, dated July 23, 2019 (the “Original Agreement”), between Authority and Lyngblomsten Senior Housing, Inc., a Minnesota nonprofit corporation (the “Assignor”), which the Assignor assigned to and the Developer assumed all obligations under the Original Agreement. WITNESSETH: WHEREAS, the Authority and the City of Lino Lakes, Minnesota (the “City”) have undertaken a program to promote economic development and job opportunities and to promote the development of land which is underutilized within the City, and in connection created a Development District known as Development District No. 1 (the “Development District”) pursuant to Minnesota Statutes, Sections 469.124 to 469.133, as amended (the “Municipal Development Act”) which is administered by the Authority; and WHEREAS, the Authority approved Tax Increment Financing Plan for Tax Increment Financing (Housing) District No. 1-5 (the “Willow Ponds TIF District) on December 28, 1992 and the Authority has approximately $344,000 available from the Willow Ponds TIF District that may be used within the Development District for affordable housing; and WHEREAS, the City and the Authority have approved a Tax Increment Financing Plan for Tax Increment Financing (Housing) District No. 1-13 (the “TIF District”) pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “Tax Increment Act”), made up of certain property within the Development District; and WHEREAS, pursuant to the Municipal Development Act and the Minnesota Statutes Sections 469.090 through 469.1082, as amended (the “EDA Act”), the Authority is authorized to undertake certain activities to facilitate the development of real property by private enterprise, including development of affordable housing within the City; and WHEREAS, the Developer proposes to acquire certain property as legally described in EXHIBIT I attached hereto (the “Development Property”) and a portion of the Development Property as legally described in EXHIBIT A attached hereto will be included in the TIF District (the “TIF District Property”); and WHEREAS, the Developer proposes to construct a senior rental housing facility with approximately 167 units, comprised of (i) approximately 96 independent living apartments, 35 assisted living units, and 16 assisted memory care units, with at least twenty percent (20%) of such