2013-020 Council Resolution - Laserfiche WebLink

Home Search

• • CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 13-20 APPROVING EFFORTS TO SEEK SPECIAL LEGISLATION AUTHORIZING CONVEYANCE OF CERTAIN TAX - FORFEITED LAND TO THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: Section 1. Background. 1.01. In 2004, the City, the Lino Lakes Economic Development Authority and Hartford Development Inc. entered into a Contract for Private Development for the development of the Legacy at Woods Edge development, which was proposed to include commercial development, rental housing, and owner- occupied housing (the "Legacy at Woods Edge Development "). 1.02. In support of the Legacy at Woods Edge Development, the City issued its Taxable General Obligation Improvement Bonds, Series 2005A (the "Series 2005A Bonds ") in the amount of $5,550,000, to fmance the costs of various public improvements necessary for the development. Assessments against certain properties within the Legacy at Woods Edge Development were proposed to pay all of the principal of and interest on the Series 2005A Bonds. 1.03. In 2006, in furtherance of a cooperative program entered into under the Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), the City and the YMCA of Greater St. Paul ( "YMCA ") entered into an Amended and Restated Development Agreement (the "Development Agreement ") relating to the construction and operation of an approximately 45,000 square foot recreational facility in the City (the "Facility ") to be located on property within the Legacy at Woods Edge Development. Under the Development Agreement, the City agreed to contribute $2,350,000 toward construction of the Facility. The City subsequently issued its General Obligation Tax Abatement Bonds, Series 2006C (the "Series 2006C Bonds "), in the principal amount of $2,460,000, to finance the City's contribution for the costs of constructing the Facility. Abatements of certain properties within and adjacent to the Legacy at Woods Edge Development were proposed to pay the principal amount of and a portion of the interest on the Series 2006C Bonds. 1.04. In 2009, sixteen parcels of property within the Legacy at Woods Edge Development (not including the YMCA property) were foreclosed on by the Developer's lenders. Of the foreclosed property, five of the parcels are located within the City's Tax Increment Financing District No. 1 -11 (the "TIF District ") and ten of the parcels are subject to the abatement described in Section 1.03 above. Tax increments from the TIF District are pledged to the payment of the City's General Obligation Tax Increment Bonds, Series 2007A (the "Series 2007A Bonds ") issued in the amount of $4,215,000, to finance improvements to the I -35W /Lake Drive Interchange.