HomeMy WebLinkAboutResolution No. 01-02 EDAMember Dahl introduced the following resolution and moved its adoption:
Lino Lakes Economic Development Authority
Resolution No. 01-02
RESOLUTION DECLARING DEFAULT AND TERMINATING
DEVELOPMENT AGREEMENT
WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") entered
into that certain contract for private development dated April 25, 2000 (the `Development
Agreement") with Bernard V. Carey (the' Developer"); and
WHEREAS, pursuant to the Development Agreement, the Developer agreed to construct
a manufacturing facility containing 15,000 square feet (the "Minimum Improvements") by no
later than December 31, 2000; and
WHEREAS, the Developer has failed to begin construction of the Minimum
Improvements; and
WHEREAS, by letter dated February 1, 2001 the Authority notified the Developer of the
default under the Development Agreement and provided the 30 day notice and opportunity to
cure the default required by Section 9.2 of the Development Agreement; and
WHEREAS, the Developer has failed to cure the default.
NOW, THEREFORE, BE IT RESOLVED By the Lino Lakes Economic Development
Authority, as follows:
1. The Developer is declared to be in default under the Development Agreement for
failing to begin or complete construction of the Minimum Improvements and has failed to cure
said default after notice.
2. The Authority hereby elects to cancel and rescind the Development Agreement.
3. The Authority staff is authorized and directed to take any and all steps necessary
to terminate the Authority's relationship with the Developer and to make no payments to and
confer no benefits on the Developer pursuant to the Development Agreement.
4. The city council is asked to authorize termination of the Assessment Agreement
executed by the Developer and the Authority regarding the Minimum Improvements.
Dated: March 12, 2001.
RHB-194197v1
LN14a-69
1
John rgeson, President
Attest:
Linda aite Smith, Executive Director
The motion for the foregoing resolution was duly seconded by Member O'Donnell
and upon a vote being taken thereon, the following voted in favor thereof
Dahl, O'Donnell, Reinert, Carlson,Bergeson
and the following voted against same:
Whereupon said resolution was declared duly adopted.
RHB-194197v1
LN140-69
2