HomeMy WebLinkAboutResolution No. 04-03 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 04-03
RESOLUTION APPROVING A 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 Lino Lakes Economic Development Authority ("Authority") of
the City of Lino Lakes, Minnesota ("City") as follows:
Section 1. Recitals.
1.01. The Authority 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 and Legacy Holdings/Lino Lakes, LLC (the "Developer")
have proposed to enter into a into a Contract for Private Development (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 Authority has reviewed 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 Contract as presented to the Authority 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.
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Approved by the Economic Development Authority of the City of Lino Lakes, Minnesota
this r- of D c,4 , 2004.
ATTEST:
utive Director
SJB-253373v1
LN 140-80