11-13-2006 EDA Minutes - Laserfiche WebLink

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APPROVED 1 2 3 CITY OF LINO LAKES 4 ECONOMIC DEVELOPMENT AUTHORITY 5 MINUTES 6 7 DATE : November 13, 2006 8 MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert, 9 MEMBERS ABSENT : J. O’Donnell 10 OTHERS PRESENT : Mary Divine, Gordon Heitke, Jean Viger, Al Rolek 11 and Julie Bartell 12 13 14 Meeting called to order by President Stoltz at 6:17 p.m. 15 16 CONSIDERATION OF MINUTES OF JANUARY 23, 2006 17 18 EDA Member Reinert moved to approve the January 23, 2006 minutes, as presented. EDA 19 Member Carlson seconded the motion. Motion passed unanimously. 20 21 RESOLUTION NO. 06-02, FIRST AMENDMENT TO LEASE-PURCHASE 22 AGREEMENT BETWEEN LINO LAKES EDA AND THE CITY OF LINO LAKES 23 24 Mr. Rolek advised the City’s bond counsel has advised that the EDA would need to amend the 25 Lease-Purchase Agreement for the outstanding EDA bonds Series 1998A because the lease 26 payments will be reduced to the amount needed to pay the small amount of bonds that will remain 27 outstanding. 28 29 The City Council has approved the amended agreement in its resolution awarding the sale of the 30 G.O. CIP Refunding bonds 2006E. The EDA must also approve the amended agreement. 31 32 EDA Member Reinert moved to approve Resolution No. 06-02, as presented. EDA Member 33 Bergeson seconded the motion. Motion carried unanimously. 34 35 RESOLUTION NO. 06-03, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN 36 OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT 37 BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE 38 CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC. 39 40 Ms. Divine stated the EDA entered into a Contract for Private Development with the Hartford 41 Group on December 20, 2004, (amended on September 13, 2005) setting forth the terms and 42 conditions of redevelopment for Legacy at Woods Edge. 43 44 The Contract acknowledges that Hartford Group plans to sell certain portions of the development 45 property to subdevelopers, and requires that any proposed subdeveloper assume all the 46 obligations of the developer for the portion of the property being transferred. The subdeveloper 47 must agree to be subject to all the conditions and restrictions of the Contract, including the 48 construction of minimum improvements on the site.