HomeMy WebLinkAboutResolution No. 13-02 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-02
AUTHORIZING LETTER OF INTENT FOR, AND ACQUISITION OF, A TAX -
FORFEITED PARCEL WITHIN LEGACY AT WOODS EDGE
BE IT RESOLVED By the board of commissioners of the Lino Lakes Economic
Development Authority (the "EDA") as follows:
Section 1. Background.
1.01. In 2004, the City of Lino Lakes (the "City"), EDA and Hartford Development Inc.
entered into a Contract for Private Development for the development of the Legacy at Woods Edge
development, which was proposed to include commercial development, rental housing, and owner -
occupied housing (the "Legacy at Woods Edge Development").
1.02. Certain parcels within the Legacy at Woods Edge Development were successfully,
developed, including one parcel developed for use as a hotel that was later converted to an assisted
living facility now owned by Lino Lakes Assisted Living, LLC ("LLAL").
1.03. In 2010, the undeveloped parcels within the Legacy at Woods Edge were tax
forfeited.
1.04. LLAL has now proposed to expand its existing facility, and to that end proposes to
acquire the tax forfeited parcel described as Outlot A, The Village No. 4, according to the recorded
plat thereof, Anoka County, Minnesota (the "Parcel"), which Parcel is adjacent to LLAL's facility.
1.05. The EDA has negotiated the terms of a letter of intent (the "LOI") with Anoka
County, a copy of which is attached hereto as Exhibit A, providing terms under which the EDA will
acquire the Parcel from the County, with the intent to re -convey such Parcel to LLAL.
1.06. The EDA has determined that acquisition of the Parcel in accordance with the LOI is
in the best interests of the EDA, and that such transaction will both return tax -forfeited property to
the tax rolls and help the EDA achieve its long-term goals for the Legacy at Woods Edge
Development.
Section 2. Transaction Approved.
2.01. The EDA board hereby authorizes the EDA Executive Director to execute the LOI
in substantially the form attached hereto.
2.02. The EDA board further approves acquisition by the EDA of the Parcel subject to the
terms and conditions stated in the LOI, and authorizes EDA officials to execute any documents
necessary to carry out such real estate transaction.
2.03. EDA staff and consultants are further authorized and directed to negotiate terms for
re -conveyance of the Parcel to LLAL, schedule a public hearing before the EDA regarding such
conveyance, and bring to this board for final approval a purchase and development agreement
between the EDA and LLAL providing for the conveyance of the Parcel and development thereof
by LLAL.
2.04. EDA officials, staff and consultants are hereby authorized and directed to take any
and all other steps necessary or convenient in order to carry out the intent of this resolution.
Adopted by the board of commissioners of the Lino Lakes Economic Development
Authority this 25h day of February, 2013.
ATTEST:
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Mary Alice Divine, Secretary
419364v1 SJB LN140-109
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Dave Roeser, President