03-11-2013 EDA Minutes - Laserfiche WebLink

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EDA MINUTES MARCH 11, 2013 DRAFT 1 DATE : March 11, 2013 TIME STARTED : 6:15 p.m. TIME ENDED : 6:20 p.m. MEMBERS PRESENT : Commissioners O’Donnell, Roeser, Reinert, Rafferty, Stoesz MEMBERS ABSENT : None OTHERS PRESENT: : Mary Divine The meeting was called to order at 6:15 p.m. by President Roeser. CONSIDERATION OF THE MINUTES OF JANUARY 14, 2013 EDA Member O’Donnell moved to approve the January 25, 2013 minutes. EDA Member Rafferty seconded the motion. Motion carried on a unanimous voice vote. PUBLIC HEARING TO CONSIDER THE SALE OF PROPERTY TO LINO LAKES ASSISTED LIVING Mary Divine, Economic Development Coordinator, explained the terms of the Purchase and Redevelopment Agreement between the EDA and Lino Lakes Assisted Living, LLC (LLAL). She explained that LLAL would deposit the purchase price of $321,474 and the City would purchase the property from Anoka County. The County will re-convey $290,500 to the City for payment on the special assessments. Also included in the agreement is a subordination agreement subordinating the EDA’s interest to the mortgage lender. EDA President Roeser opened the public hearing at 6:18 p.m. Upon hearing no one wishing to speak he closed the public hearing at 6:18 p.m. CONSIDERATION OF RESOLUTION 13-03 APPROVING A PURCHASE AND REDEVELOPMENT AGREEMENT BY AND BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AND LINO LAKES HOUSING LIMITED PARTNERSHIP AND RELATED SUBORDINATION AGREEMENT EDA Member Rafferty moved to approve Resolution No. 13-03 as presented. EDA Member Stoesz seconded the motion. Motion carried on a unanimous voice vote. ADJOURNMENT There being no further business, EDA President Roeser moved to adjourn. EDA Member O’Donnell seconded the motion. Motion carried on a unanimous voice vote. Meeting adjourned at 6:20 p.m.