HomeMy WebLinkAboutResolution No. 06-03 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 06-03
RESOLUTION APPROVING ASSIGNMENT AND RELEASE OF CERTAIN
OBLIGATIONS UNDER CONTRACT FOR PRIVATE DEVELOPMENT
BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF LINO LAKES AND HARTFORD DEVELOPMENT, INC.
BE IT RESOLVED By the Board of Commissioners ("Board") of the Lino Lakes Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Development District No. 1 (the "Project)"
pursuant to Minnesota Statutes, Sections 469.124 to 469.134 ("Development District Act").
1.02. The Authority, the City of Lino Lakes ("City") and Hartford Development, Inc. (the
"Developer") entered into a into a Contract for Private Development dated December 20, 2004, as
amended by a First Amendment thereto dated September 13, 2005 (the "Contract"), setting forth the
terms and conditions of redevelopment of certain property within the Project, referred to generally
as the Legacy at Woods Edge Project.
1.03. The Developer and Legacy Holdings -LL, LLC (the "Development Property Owner")
have determined need to assign certain obligations under the Contract to Avalon Homes, Inc. (the
"Successor Developer").
1.04. The Authority has reviewed an Approval of Assignment and Release of Obligations
under Contract for Private Development, Avalon Homes, Inc., between the Authority, the City, the
Developer and the Successor Developer (the "Assignment"), and finds that the execution thereof is
in the best interest of the City and its residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The Assignment as presented to the Board is hereby in all respects approved, subject
to modifications that do not alter the substance of the transaction and that are approved by the
President and Executive Director, provided that execution of the documents by such officials shall
be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Assignment and any documents referenced therein requiring execution by the
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
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Approved by the Board of Commissioners of the Lino Lakes Economic Development
Authority this 13th of November, 2006.
ATTEST:
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