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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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<br /> 2 <br />Lakes under the Contract only upon the satisfaction of certain requirements provided therein; and <br /> <br /> WHEREAS, there has been presented to the Board of Commissioners of the Authority forms of <br />(i) an Assignment and Assumption of Contract for Private Development and Assignment of TIF Note (the <br />“Assignment and Assumption Agreement”) between the Authority, AX Lino Lakes, as assignor, and the <br />Owner, as assignee, pursuant to which AX Lino Lakes will assign its rights and interests with respect to the <br />Contract and the TIF Note to the Owner, and the Owner will assume the rights and duties of AX Lino Lakes <br />under the Contract; and (ii) an estoppel certificate of the Authority (the “Estoppel Certificate”); and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino Lakes <br />Economic Development Authority that: <br /> <br /> 1. The President and the Executive Director are hereby authorized to execute and deliver <br />the Assignment and Assumption Agreement and the Estoppel Certificate in substantially the forms on file <br />with the Authority, with such additions, deletions, and other changes as are approved by the President <br />and the Executive Director. The President and the Executive Director are further directed to execute any <br />additional documents or take all steps and do all things necessary to effectuate the provisions of the <br />Assignment and Assumption Agreement or the Estoppel Certificate. <br /> <br /> <br /> Approved by the Board of Commissioners of the Lino Lakes Economic Development Authority this <br />22nd day of May, 2023. <br /> <br /> <br /> <br />President, Tony Cavegn <br /> <br />ATTEST: <br /> <br /> <br /> <br />Executive Director, Sarah Cotton <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />LN140-116 (JAE) <br />876500v2
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