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04-10-2017 EDA Packet
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04-10-2017 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
04/10/2017
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ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3A <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala <br /> <br />MEETING DATE: April 10, 2017 <br /> <br />TOPIC: Consideration of Resolution No. 17-01, Authorizing Conveyance of <br />Lots 12-14, Block 2, Carole’s Estates 2nd Addition to City of Lino <br />Lakes <br /> <br />VOTE REQUIRED: Simple Majority. <br /> <br /> <br />BACKGROUND <br /> <br />In 1990 the Lino Lakes Economic Development Authority (EDA) purchased lots 12-16, Block <br />2, Carole’s Estates to facilitate the development of a Public Safety complex including <br />construction of a new Fire Station. As part of the project financing the EDA entered into an <br />Installment Purchase Contract (IPC) with the City of Lino Lakes. Article IV of the agreement <br />authorized the sale of the land to the City. Section 4.4 specified that upon the City’s prompt <br />and full performance of the agreement the EDA would execute and deliver to the City a <br />warranty deed. All obligations related to the IPC were fulfilled by the City in 2010. <br /> <br />At this time staff is requesting execution of a warranty deed, by the EDA, in fulfillment of the <br />contract requirements. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends approval of Resolution 17-01, Authorizing Conveyance of Lots 12-14, <br />Block 2, Carole’s Estates 2nd Addition to City of Lino Lakes. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 17-01 <br />2. Property Location Map <br />
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