2009-105 Council Resolution - Laserfiche WebLink

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Council Member Gallup introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 09 -105 RESOLUTION APPROVING AN ADDENDUM TO CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES, AND LINO LAKES LODGING, LLC BE IT RESOLVED By the City Council ( "Council ") of the City of Lino Lakes, Minnesota ( "City ") as follows: Section 1. Recitals. 1.01. The Lino Lakes Economic Development Authority ( "Authority ") administers Development District No. 1 (the "Project)" and Tax Increment Financing District No. 1 -11 (the "TIF District ") pursuant to Minnesota Statutes, Sections 469.124 to 469.134 ( "Development District Act ") and Sections 469.174 to 469.179 (the "TIF Act "). 1.02. The Authority, City and Legacy Holdings/Lino Lakes, LLC (the "Developer ") entered into a into a Contract for Private Development dated December 20, 2004, amended by a First Amendment thereto dated September 13, 2005 (the "Original Contract "), setting forth the terms and conditions of redevelopment of certain property within the Project, referred to generally as the Legacy at Woods Edge Project. 1.03. Lino Lakes Lodging (the "Assisted Living Developer ") proposes to acquire and convert the existing hotel that was previously developed within the Legacy at Woods Edge Project, and in connection with such conversion, the Assisted Living Developer, Authority and City propose to enter into an Addendum to the Original Contract (the "Addendum "). 1.04. The Council has reviewed the Addendum and determined that it is in the best interests of the City to approve the same. Section 2. City Approval; Further Proceedings. 2.01. The Addendum as presented to the Council is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and Acting City Administrator, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The Mayor and Acting City Administrator are hereby authorized to execute on behalf of the City the Addendum and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City its obligations thereunder.