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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br /> RESOLUTION NO.22-01 <br /> RESOLUTION APPROVING A PURCHASE AND DEVELOPMENT <br /> AGREEMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT <br /> AUTHORITY AND SILVER CREEK EQUITY,LLC <br /> BE IT RESOLVED By the Board of Commissioners('Board")of the Lino Lakes Economic <br /> Development Authority("Authority")as follows: <br /> Section 1. Recitals. <br /> 1.01. The property described as Lots 1, 2, & 3, Block 2 and Outlot B and Outlot C, The <br /> Village No. 4, according to the recorded plat thereof,Anoka County,Minnesota(the"Property")are <br /> parcels located with the Legacy at Woods Edge Development. <br /> 1.02. Silver Creek Equity, LLC (the "Purchaser") has proposed to acquire the property for <br /> residential and commercial development purposes consistent with the intended use of the property. <br /> 1.03. The Board has reviewed terms of a proposed Purchase and Development Agreement <br /> between the Authority and Purchaser(the"Purchase Agreement"),providing for conveyance by the <br /> Authority of the Property to Purchaser and the subsequent development of that Property by <br /> Purchaser. <br /> 1.04. In accordance with Minnesota Statutes, Section 469.105, subd.2,the Authority has on <br /> this date held a duly noticed public hearing regarding conveyance of the Property to Purchaser. <br /> 1.05. The Authority finds that conveyance of the Property to Purchaser in accordance with <br /> the Purchase and Sale Agreement is in the best interests of the City and its residents, and that the <br /> transaction furthers the Authority's general plan of economic development. <br /> Section 2. Authority Approval;Further Proceedings. <br /> 2.01. The Purchase Agreement is hereby in all respects approved, subject to modifications <br /> that do not alter the substance of the transaction and that are approved by the President and <br /> Executive Director, provided that execution of the documents by such officials shall be conclusive <br /> evidence of approval. <br /> 2.02. The President and Executive Director are hereby authorized to execute, on behalf of <br /> the Authority, the Purchase and Sale Agreement, and any documents referenced therein requiring <br /> execution by the Authority or otherwise required to effectuate the transaction described in those <br /> documents. <br /> 2.03. Authority staff and consultants are authorized and directed to take all actions needed <br /> to carry out the transactions describe in this Resolution. <br /> a2,Attachment 1,EDA Res 22-01_Legacy Silver Creek <br />