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• <br />• <br />AGENDA ITEM 6J <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 7/12/04 <br />TOPIC: First Reading: Ordinance No. 20 -04 offering the sale of <br />property to Legacy Holdings Lino Lakes, LLC <br />Vote Required: Simple majority <br />BACKGROUND: <br />The City of Lino Lakes owns 11.69 acres of property for sale on the southeast <br />quadrant of 35W /Lake Drive. This land makes up a portion of the proposed <br />Legacy at Woods Edge mixed use downtown development. <br />Hartford Group, Inc. has proposed a project that meets criteria established in the <br />Comprehensive Plan for this site. The developer seeks to purchase the property <br />from the city for a price of $4.50 per sq. ft. <br />According to the City Charter, the sale of real property shall be disposed of by <br />ordinance. The proceeds of the sale shall be used to retire outstanding debt <br />incurred by the city in the purchase of the property. In this case, it will be used to <br />offset the costs incurred in purchasing the property and putting in public <br />improvements. Once outstanding debt is paid, the city council may designate <br />some other public use for the proceeds. <br />OPTIONS: <br />1. Approve the first reading of Ordinance No. 20 -04 offering the sale of <br />property to Legacy Holdings Lino Lakes, LLC <br />2. Do not approve the sale. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />