06-13-2002 EDA Packet - Laserfiche WebLink

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