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2009-105 Council Resolution
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2009-105 Council Resolution
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8/28/2014 12:22:12 PM
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8/28/2014 11:12:43 AM
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City Council
Council Document Type
Resolutions
Meeting Date
11/23/2009
Council Meeting Type
Regular
Resolution #
09-105
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• <br />• <br />• <br />AGENDA ITEM 6B -i <br />STAFF ORIGINATOR: Mary Alice Divine <br />CC MEETING DATE: November 23, 2009 <br />TOPIC: Resolution 09 -105 — Addendum to Contract for <br />Private Development between the City of Lino Lakes <br />and Lino Lakes Lodging, LLC <br />BACKGROUND <br />In 2004 the EDA and the City entered into a Development Contract with Hartford <br />Development, Inc. and provided assistance within Tax Increment Financing District No. <br />1 -11. As pursuant to the contract, redevelopment occurred and a successor to the <br />contract (Country Inn & Suites) redeveloped a portion of the commercial component of <br />the minimum improvements as defined in the original contract. <br />A developer is acquiring the hotel to convert it to an assisted living and memory care <br />facility. The City has an interest in ensuring that the developer or its successors <br />continue to pay real estate taxes on an assessed value that provides as much tax <br />increment as before the conversion. <br />This agreement obligates payment of taxes on a minimum assessed value of <br />$3,750,000. The county assessor may, in actuality, place a higher value on the facility <br />once final plans have been submitted, and the final assessed value will be executed in <br />an assessment agreement that will be valid until the maturity date of the original <br />contract. <br />In order to provide the developer with a future option to sell the facility to a non - profit, <br />the agreement requires a payment in lieu of taxes (the "PILOT Agreement "), for a period <br />of 30 years if a non - profit owns the facility. Prior to the contract maturity date a non- <br />profit would be required to make payment as if the property were subject to taxes. After <br />the maturity date the annual payment would be only on the City's share of taxes <br />RECOMMENDATION <br />Staff recommends approving Resolution No. 09 -105. <br />ATTACHMENTS <br />1. None. See Addendum to Contract for Private Development in your EDA packet. <br />
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