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Member Neal introduced the following resolution and moved its adoption: City of Lino Lakes Resolution No. 98 - 180 RESOLUTION APPROVING THE AMENDED AND RESTATED ASSESSMENT AGREEMENT BY AND BETWEEN F & G, INC. AND THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, on May 13, 1997 F & G, Inc. (the "Developer") and the Lino Lakes Economic Development Authority (the "Authority") entered into a Contract for Private Development (the "Development Agreement") regarding certain land within Lino Lakes and executed an agreement establishing a minimum market value for the property and the improvements to be constructed thereon (the "Assessment Agreement"); and WHEREAS, the Assessment Agreement established a minimum market value of $1,679,300 for the property and the first two buildings constructed thereon by the Developer; and WHEREAS, pursuant to Section 7.2(b) of the Development Agreement, the Developer and the Authority agreed to increase the minimum market value to $2,285,300 at the time of construction of the third building; and WHEREAS, the Developer has constructed the third building on the property and the parties to the Development Agreement concur that the minimum market value thereof should now reflect the higher value; and WHEREAS, Minnesota Statutes, Section 469.177, subd. 8 requires approval by the Lino Lakes city council in any case in which an assessment agreement is modified; and WHEREAS, the Authority has caused to be prepared an Amended and Restated Assessment Agreement (the "Amended Assessment Agreement") which establishes the minimum market value of the property and the three buildings constructed thereon at $2,285,300 as of January 2, 1999 for taxes payable beginning in 2000; NOW, THEREFORE, BE IT RESOLVED By the city council of the city of Lino Lakes as follows: 1. The Amended Assessment Agreement is hereby approved. 2. Staff and consultants are authorized and directed to cause the Amended Assessment Agreement and a copy of this resolution as record of the city's approval thereof to be filed of record with Anoka County. RHB-155357 LN14o-42