11/23/2009 Council Packet (2) - Laserfiche WebLink

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• • • This Addendum to Contract for Private Development is made the 26th day of November, 2009 by and between the Lino Lakes Economic Development Authority (the "Authority'), the City of Lino Lakes, Minnesota (the "City "), and Lino Lakes Lodging, LLC, a Minnesota limited liability company (the "Assisted Living Developer "). WITNESSETH: WHEREAS, the City, Authority and Hartford Development, Inc. (the "Original Developer ") entered into a Contract for Private Development dated December 20, 2004, as amended by a First Amendment thereto dated September 13, 2005 (the "Original Contract "), providing for redevelopment by the Original Developer of certain property in the City and certain assistance by the Authority in such effort, all located within Development District No. 1 (the "Project ") and Tax Increment Financing District No. 1 -11 (the "TIF District "); and WHEREAS, pursuant to the Contract, the Original Developer caused to be constructed a hotel on a portion of the Development Property (as defined in the Original Contract), which hotel was operated as a County Inn and Suites (the "Hotel ") by a successor to the Original Developer; and WHEREAS, the Hotel constituted a portion of Commercial Component of the Minimum Improvements as such terms are defined in the Original Contract; and WHEREAS, the Assisted Living Developer has acquired the Hotel and the Parcel on which it is located, and proposes to convert such property for use as a 69 -unit assisted living and memory care facility (the "Assisted Living Improvements "); and WHEREAS, the Authority and City believe that conversion of the Hotel to the Assisted Living Facility will facilitate the long -term development potential for the Development District and the TIF District, and such improvement is in the vital and best interests of the Authority and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Project has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the foregoing premises and the mutual obligations set forth in this Agreement, the parties hereto hereby agree as follows: