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EDA MINUTES DECEMBER 18, 2006 <br />DRAFT <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />OTHERS PRESENT <br />: December 18, 2006 <br />: J. Bergeson, D. Carlson, D. Stoltz, J. Reinert, <br />Z.. <br />: Mary Divine, Gordon Heitke, Al Rolek, Mike <br />Grochala, Dave Pecchia and Julie Bartell <br />Meeting called to order by President Stoltz at 6:16 p.m. <br />CONSIDERATION OF MINUTES OF NOVEMBER 13, 2006 <br />EDA Member O'Donnell moved to approve the November 13, 2006 minutes, as presented. EDA <br />Member Reinert seconded the motion. Motion passed unanimously. <br />RESOLUTION NO. 06-04, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN <br />OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT <br />BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE <br />CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC., <br />Ms. Divine advised LLAH Limited Partnership is the limited liability corporation (subdeveloper) <br />formed for the development of Lakewood Apartments. This EDA action releases the Hartford <br />Group from the conditions that will be assumed by the subdeveloper for the construction of <br />Lakewood Apartments. This release will be delivered upon approval of the site development <br />agreement with LLAH Limited Partnership. <br />Ms. Divine stated the Assignment and Release also included a provision that extends the <br />Timeline for Commencement and Completion of Construction of the Lakewoods Apartments. <br />Due to delays in project financing and approvals, project initiation was delayed. The new <br />provisions require that construction must commence by January 15, 2007 and be completed by <br />April 15, 2008. <br />EDA Member Reinert moved to approve Resolution No. 06 -04, as presented. EDA Member <br />Bergeson seconded the motion. Motion carried unanimously. <br />RESOLUTION NO. 06-05, APPROVING EXTENSION OF METROPOLITAN <br />COUNCIL GRANT AGREEMENT AND LOAN TO LLAH LIMITED PARTNERSHIP <br />Ms Divine stated the City of Lino Lakes obtained a $225,000 grant under the Livable <br />Communities Act Local Housing Incentives Account on December 16, 2005 for the purpose of <br />helping to finance Lakewood Apartments in the Legacy at Woods Edge project. <br />1 <br />