10/12/2004 Council Packet - Laserfiche WebLink

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• • • ( E). SUMMARY OF CONTRACT FOR PRIVATE REDEVEOPMENT BETWEEN LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, CITY OF LINO LAKES, AND LEGACY HOLDINGS/LINO LAKES, LLC Land Acquisition/Platting /Zoning. A. The "City Parcel" is the parcel now owned by the City, located outside the 1'l1. ' District. The "Ilk Parcel" is the parcel now owned by the Taggs, located within the l'1F District. Together, these parcels are referred to as the "Development Property." B. Developer will acquire the City Parcel (under a separate purchase agreement with the City); and Developer will acquire the 11F' Parcel from the Taggs (under an existing purchase agreement). Developer indemnifies the City and EDA for any claim related to relocation benefits in connection with TIF Parcel. C. Developer must obtain final plat and PUD approval consistent with a Master Site Plan. In connection those actions, the City and Developer will enter into a "Planning Contract" that addresses typical planning and land use requirements. II. Direct Financial Assistance. A. The EDA will provide a total of $2.7 million in assistance toward acquisition of the Parcel. Up to $1.7 million will be in the form of an interfund loan, and $1 million will be in the form of a tax increment revenue note (referred to as the `Note "). In addition, the City will provide $450,000 from Met Council grant funds for site work. B. Interfund Loan: 1. The City will provide up to $1,700,000 from sale of the City Parcel to fund an interfund loan. If the City receives additional Met Council grant money, those funds will be used to reduce the amount of the interfund loan. 2. The interfund loan (and any grant monies) will be place in escrow when these conditions have been met: SJB- 254082v1 LN140 -80 • Closing on the TIF Parcel • All buildings on Parcel have been demolished. • Billboard on l'lr' Parcel has been removed • Final plat for townhome development has been approved. - 8 0 -