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• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 13 -51 <br />CONSIDER RESOLUTION NO. 13 -51, APPROVING A RELEASE OF <br />OBLIGATIONS FROM PETITION AND WAIVER AGREEMENT BETWEEN THE <br />CITY OF LINO LAKES AND LEGACY HOLDINGS -LL, LLC <br />WHEREAS, The City and Legacy Holdings LL, LLC, a Minnesota limited liability company <br />( "Legacy Holdings ") are parties to a Petition and Waiver Agreement dated effective December <br />20, 2004, and recorded January 19, 2007, as Document No. 1990513.011, in the office of the <br />Anoka County Recorder, Anoka County, Minnesota (the "Petition "); and <br />WHEREAS, the real property legally described as Outlot A, The Village No. 4, Anoka <br />County, Minnesota (the "Property"), which was tax - forfeited, is subject to the Petition; and <br />WHEREAS, the LLC has entered into a Purchase and Redevelopment Agreement dated March <br />19, 2013 (the "Purchase Agreement "), with the Lino Lakes Economic Development Authority <br />(the "EDA ") to purchase and redevelop the Property as an expansion to the existing assisted <br />living facility located on the property adjacent to the Property; and <br />WHEREAS, in connection with the acquisition of the Property, the LLC has requested that the <br />Property and the LLC be released from the terms and conditions of the Petition; and <br />WHEREAS, it is in the best interest of the City to promote development by LLC and to release <br />• the LLC and the Property from the terms and conditions of the Petition; <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes <br />that the "Release of Obligations under the Petition and Waiver Agreement ", attached hereto as <br />Exhibit A, is hereby approved; <br />BE IT FURTHER RESOLVED that the Mayor and City Clerk are hereby authorized to <br />execute the release on behalf of the City. <br />Adopted by the Council of the City of Lino Lakes this 13th day of May, 2013. <br />T motion for the adoption of the foregoing resolution was introduced by Council Member <br />and was duly seconded by Council Member �}- otPS'a and upon <br />vote bein aken thereon, the following voted in favor thereof: <br />Rafferty, Stoesz, Roeser, O'Donnell, er <br />The following voted against same: <br />none <br />EST., <br />Julianne Bartel , City Clerk <br />Jeff Rei ert, Mayor <br />