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05-22-2023 EDA Packet
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05-22-2023 EDA Packet
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Last modified
5/19/2023 9:00:04 AM
Creation date
5/19/2023 8:44:40 AM
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EDA
EDA Document Type
EDA Packet
Meeting Date
05/22/2023
Resolution #
23-01
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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3A <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: May 22, 2023 <br /> <br />TOPIC: Consider Resolution No. 23-01, Approving Assignment of <br />Contract for Private Development and TIF Note, AX Lino Lakes – <br />TIF District 1-12 <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />BACKGROUND <br />The Economic Development Authority (EDA) approved the Contract for Private Development <br />with United Properties and Distribution Alternatives in July of 2016. The action also included <br />authorization for the issuance of a Tax Increment Revenue Note. Construction of the 402,000 <br />square foot facility and associated public improvements was completed 2017. <br />In 2017 the Contract and TIF Note was assigned to AX Lino Lakes, L.P. which purchased the <br />property. <br /> <br />OIVF III Clearwater, LLC a Delaware limited liability partnership, is purchasing the project <br />from AX Lino Lakes, L.P., including all rights under the TIF Note and the Contract. The <br />building tenant, Distribution Alternatives, remains unchanged. There will be no change in <br />tenancy upon such purchase and sale, as AX Lino Lakes, L.P. will assign the landlord’s interest <br />in the existing Distribution Alternatives, Inc. Lease to OIVF III in conjunction with the sale of <br />the land and building <br /> <br />Section 8.2 of the Contract permits the assignment of the Assignor’s rights and duties under the <br />Contract subject to the EDA’s approval. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of Resolution No. 23-01. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 23-01 <br />2. Assignment of Development Agreement and TIF Note <br />3. TIF Note <br />4. Authority Estoppel
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