2005-141 Council Resolution - Laserfiche WebLink

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• • CITY OF LINO LAKES RESOLUTION NO. 05-141 RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES AND LEGACY HOLDINGS /LINO LAKES, 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)" pursuant to Minnesota Statutes, Sections 469.124 to 469.134 ( "Development District Act "). 1.02. The Authority, the City and Legacy Holdings /Lino Lakes, LLC (the "Developer") entered into a into a Contract for Private Development dated December 20, 2004 (the "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. The parties have determined a need to amend the Contract in certain respects, and in that regard the Council has reviewed a draft First Amendment to the Contract and finds that the execution thereof and performance of the City's obligations thereunder are in the best interest of the City and its residents. Section 2. City Approval; Further Proceedings. 2.01. The First Amendment to the Contract 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 City Administrator, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The Mayor and City Administrator are hereby authorized to execute on behalf of the City the Contract and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City its obligations thereunder. SJB- 267751v1 LN 140 -80