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• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 04 -139 <br />RESOLUTION APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT <br />BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, <br />THE CITY OF LINO LAKES AND LEGACY HOLDINGS/LINO LAKES, LLC <br />BE IT RESOLVED By the City Council ( "Council ") of the City of Lino Lakes, Minnesota <br />( "City ") as follows: <br />Section 1. Recitals. <br />1.01. The Lino Lakes Economic Development Authority ( "Authority ") administers <br />Development District No. 1 (the "Project)" pursuant to Minnesota Statutes, Sections 469.124 to <br />469.134 ( "Development District Act "). <br />1.02. The Authority, the City and Legacy Holdings/Lino Lakes, LLC (the "Developer ") <br />have proposed to enter into a into a Contract for Private Development (the "Contract "), setting forth <br />the terms and conditions of redevelopment of certain property within the Project, referred to <br />generally as the Legacy at Woods Edge Project. <br />1.03. The Council has reviewed the Contract and fords that the execution thereof and <br />performance of the City's obligations thereunder are in the best interest of the City and its residents. <br />Section 2. City Approval; Further Proceedings. <br />2.01. The Contract as presented to the Council is hereby in all respects approved, subject <br />to modifications that do not alter the substance of the transaction and that are approved by the <br />Mayor and City Administrator, provided that execution of the documents by such officials shall be <br />conclusive evidence of approval. <br />2.02. The Mayor and City Administrator are hereby authorized to execute on behalf of the <br />City the Contract and any documents referenced therein requiring execution by the City, and to <br />carry out, on behalf of the City its obligations thereunder. <br />SJB- 253373v1 <br />LN 140 -80 <br />-76- <br />