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09/12/2005 Council Packet
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09/12/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/12/2005
Council Meeting Type
Regular
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Economic Development Authority <br />Amendment to Development Contract - Legacy <br />September 12, 2005 <br />Second Draft <br />September 2, 2005 <br />FIRST AMENDMENT TO <br />CONTRACT FOR PRIVATE DEVELOPMENT <br />THIS AGREEMENT, made as of the 12t" day of September, 2005, by and <br />between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body <br />corporate and politic under the laws of Minnesota (the "Authority "), the CITY OF LINO <br />LAKES, a Minnesota municipal corporation (the "City ") and HARTFORD <br />DEVELOPMENT, INC., a Minnesota corporation (the "Developer "). <br />WITNESSETH: <br />WHEREAS, the City, Authority and Developer entered into a Contract for Private <br />Development dated December 20, 2004 (the "Original Contract "), providing for <br />redevelopment by Developer of certain property in the City and certain assistance by <br />the Authority in such effort; and <br />WHEREAS, in light of scheduling changes, the parties have determined a need <br />to revise the Original Contract as further provided herein; <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of <br />the parties hereto, each of them does hereby covenant and agree with the other as <br />follows: <br />1. A new Section 3.5A is inserted, as follows: <br />Section 3.5A. Disbursement of Grant and Interfund Loan (a) As of the date of <br />this Amendment, no funds have been deposited by the City or disbursed to <br />Development Property Owner under an Escrow Agreement as described in Section 3.5 <br />of the Original Contract. The parties further acknowledge that, since the date of the <br />Original Contract, the City has received a "livable communities act" grant from the Met <br />Council in the amount of $750,000 (the "Second LCA Grant ") to fund the costs <br />described in Section 3.5, above and beyond the grant described in Section 3.7. <br />Accordingly, the Interfund Loan has been reduced from $1,700,000 to $950,000, and <br />the payment schedule for such Interfund Loan will be adjusted to reflect the reduced <br />principal amount. <br />(b) The proceeds of the Second LCA Grant will be disbursed to Development <br />Property Owner as reimbursement of part of the cost of acquisition of the TIF Parcel <br />promptly upon execution of this Amendment and delivery of the agreement described in <br />paragraph (d) below. <br />6 <br />
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