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Councilmember <br />adoption: <br />Kuether <br />introduced the following resolution and moved its <br />LINO LAKES CITY COUNCIL <br />RESOLUTION NO. 96-43 <br />RESOLUTION APPROVING THE PAYOFF OF THE CONTRACT FOR DEED <br />ON THE APOLLO BUSINESS PARK <br />WHEREAS, The City Council of the City of Lino Lakes ("the City") purchased 36 acres in the <br />Lino Lakes Industrial Park on January 9, 1992 from James R. and Diane T. Schilling on a <br />Contract for Deed; <br />WHEREAS, The City changed the name of the Lino Lakes Industrial Park to the Apollo Business <br />Park and began marketing the properties to industrial users to further the City's plan for economic <br />development; <br />WHEREAS, the due date on the Contract for Deed is January 1, 1997; <br />WHEREAS, The City has sold enough properties within the Apollo Business Park to pay off the <br />remaining principle due on the Contract for Deed prior to that date; <br />NOW, THEREFORE, BE IT RESOLVED by the City as follows: <br />1. The City's Finance Director is authorized and directed to issue a check for the remaining <br />principle to James R. and Diane T. Schilling; <br />2. The City Attorney is authorized and directed to schedule a closing date with the Schillings and <br />pay off the remaining principle on the Contract for Deed. <br />Adopted by the Lino Lakes City Council this 22nd day of April, 1996. <br />John L. Landers, Mayor <br />