2014-121 Council Resolution - Laserfiche WebLink

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Exhibit A SETTLEMENT AGREEMENT AND RELEASE OF ALL CLAIMS This Settlement Agreement and Release of All Claims ("Agreement") is hereby entered into by and between First Resource Bank ("the Bank") and the City of Lino Lakes ("City"). The Bank and the City are hereinafter referred to collectively as the "Parties," or individually as a "Party." WHEREAS, on or about October 24, 2011, the City approved and levied a special assessment to finance its portion of the I35E / CSAH 14 interchange improvement project; and WHEREAS, the City assessed a total of $772,650.00 (the "Special Assessment") against five parcels located in Anoka County (the "County") subsequently acquired by the Bank, as a successor in interest to the original owner, East Lino Lakes, LLC, with those parcels identified as follows (the "Assessed Properties"): PIN 13-31-22-33-0001 PIN 13-31-22-31-0001 PIN 13-31-22-34-0001 PIN 13-31-22-32-0001 PIN 13-31-22-31-0002; and WHEREAS, the Bank, or its predecessor, appealed the Special Assessment in Anoka County District Court, File No. 02 -CV -11-7766; and WHEREAS, the Parties wish to resolve the pending appeal in order to avoid additional litigation costs. NOW, THEREFORE, IN CONSIDERATION OF the foregoing, the mutual promises and covenants contained in this Agreement, including the relinquishment of certain legal rights and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties agree as follows: 1. Special Assessment Amount. The total Special Assessment, including interest, shall be reduced to $620,000.00. On a per parcel basis, the individual assessments shall be as follows: PIN 13-31-22-33-0001 PIN 13-31-22-31-0001 PIN 13-31-22-34-0001 PIN 13-31-22-32-0001 PIN 13-31-22-31-0002 $ 156,522.02 $ 155,330.11 $ 150,274.88 $ 82,005.75 $ 75,867.24 $ 620,000.00 2. Payment. Payment of the reduced Special Assessment amount of $620,000.00 shall be submitted to the City on or before November 1, 2014 by check made payable to the City of Lino Lakes. Upon receipt of payment, the City shall notify the County that the Special Assessment is paid in full for the five parcels.