HomeMy WebLinkAboutResolution No. 05-03 EDACertification of EDA Resolution No. 05-03
EDA Member Stoltz introduced Resolution No. 05-03 at the Economic Development Authority
meeting held on November 14, 2005, and moved its adoption.
The motion for adoption of the foregoing resolution was duly seconded by EDA Member Dahl
and upon vote being taken thereon, the following voted in favor thereof:
Reinert, Dahl, Bergeson, Carlson and Stoltz.
The following voted against same: None.
Whereupon said resolution was declared passed and adopted.
STATE OF MINNESOTA )
COUNTY OF ANOKA )
n CITY OF LINO LAKES )
I, the undersigned, being the duly qualified Deputy City Clerk of the City of Lino Lakes,
Minnesota, do hereby certify that the attached document is a true copy of EDA Resolution No. -
05 -03 with the original thereof on file in the City Clerk's office, and the same is a full, true and
complete copy insofar as the same relates to:
EDA RESOLUTION NO. 05-03
APPROVING THE ASSIGNMENT AND RELEASE OF CERTAIN OBLIGATIONS
UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT WITH HARTFORD
DEVELOPMENT, INC.
Witness my hand as said Deputy City Clerk and the Corporate Seal of the City this 16th day of
November, 2005.
600 Town Center Parkway, Lino Lakes, Minnesota 55014-1182
Phone: 651-982-2400 • Fax: 651-982-2499
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 05-03
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 CGI Builders, Inc. (the
"Successor Developer").
1.04. The Authority has reviewed an Approval of Assignment and Release of Obligations
under Contract for Private Development, County Inn & Suites Hotel, 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 14th of November, 2005.
ATTEST:
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President