HomeMy WebLinkAboutResolution No. 05-02 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 05-02
RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR
PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES ECONOMIC
DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES AND LEGACY
HOLDINGS/LINO LAKES, LLC
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 Legacy Holdings/Lino Lakes,
LLC (the "Developer") entered into a into a Contract for Private Development dated December 20,
2004 (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 parties have determined a need to amend the Contract in certain respects, and in
that regard the Board has reviewed a draft First Amendment to the Contract and finds that the
execution thereof and performance of the Authority's obligations thereunder are in the best interest
of the City and its residents.
Section 2. Authority Approval; Further Proceedings.
2.01. The First Amendment to the Contract 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 Contract and any documents referenced therein requiring execution by the
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
SJB-267750v1
LN 140-80
.-� Approved by the Board of Commissioners of the Lino Lakes Economic Development
Authority this 13`l' of September, 2005.
ATTEST:
SJB-253351v1
CL205-23
2