Laserfiche WebLink
Economic Development Authority <br />Amendment to Development Contract - Legacy <br />September 12, 2005 <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 05 -02 <br />RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT <br />FOR PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES <br />AND LEGACY HOLDINGS /LINO LAKES, LLC <br />BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Lino Lakes <br />Economic Development Authority ( "Authority ") as follows: <br />Section 1. Recitals. <br />1.01. The Authority currently administers Development District No. 1 (the "Project)" <br />pursuant to Minnesota Statutes, Sections 469.124 to 469.134 ( "Development District Act "). <br />1.02. The Authority, the City of Lino Lakes ( "City ") and Legacy Holdings /Lino <br />Lakes, LLC (the "Developer ") entered into a into a Contract for Private Development dated <br />December 20, 2004 (the "Contract "), setting forth the terms and conditions of <br />redevelopment of certain property within the Project, referred to generally as the Legacy at <br />Woods Edge Project. <br />1.03. The parties have determined a need to amend the Contract in certain <br />respects, and in that regard the Board has reviewed a draft First Amendment to the <br />Contract and finds that the execution thereof and performance of the Authority's <br />obligations thereunder are in the best interest of the City and its residents. <br />Section 2. Authority Approval; Further Proceedings. <br />2.01. The First Amendment to the Contract as presented to the Board is hereby in <br />all respects approved, subject to modifications that do not alter the substance of the <br />transaction and that are approved by the President and Executive Director, provided that <br />execution of the documents by such officials shall be conclusive evidence of approval. <br />2.02. The President and Executive Director are hereby authorized to execute on <br />behalf of the Authority the Contract and any documents referenced therein requiring <br />execution by the Authority, and to carry out, on behalf of the Authority its obligations <br />thereunder. <br />4 <br />