Loading...
HomeMy WebLinkAboutResolution No. 97-19 EDAMember Kuether introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-19 RESOLUTION AUTHORIZING THE SALE OF PROPERTY BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals 1.01. The Lino Lakes Economic Development Authority (the "Authority") adopted a tax increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-7 (TIF District No. 1-7) on May 22, 1995. 1.02. On May 22, 1995, the City Council of the City of Lino Lakes (the "City") approved the Plan. 1.03. On March 25, 1996 the City approved a modified tax increment financing plan for TIF District No. 1-7 to expand the district to provide expanded employment opportunities and to increase the tax base of Lino Lakes. 1.04. The EDA entered into a development agreement with Rice Industries, Inc., a Minnesota Corporation (the "Developer") whereby the EDA agreed to purchase property legally described as that part of Outlot B, Apollo Business Park, Anoka County, Minnesota lying southwesterly of Line A as described below and northeasterly of Line B and its northwesterly extension as described below: LINE A: Commencing at the most northerly corner of said Outlot B; thence on an assumed bearing of South 58 degrees 02 minutes 08 seconds West along the northwesterly line of said Outlot B a distance of 126.35 feet; thence southwesterly along said northwesterly line being a tangential curve concave to the southeast, having a radius of 799.00 feet, a central angle of 17 degrees 50 minutes 56 seconds and an arc length of 248.91 feet; thence South 40 degrees 11 minutes 12 seconds West along said northwesterly line and tangent to said curve 337.84 feet; thence southwesterly 64.15 feet on a tangential curve concave to the southeast, having a radius of 799.00 feet and a central angle of 04 degrees 36 minutes 00 seconds to a point hereinafter referred to as Point "A", said Point "A" also being the point of beginning of Line A to be described; thence South 49 degrees 48 minutes 48 seconds East 295.14 feet to the southeasterly line of said Outlot B and there terminating. LINE B: Commencing at Point "A" as described above; thence South 23 degrees 01 minutes 44 seconds West 347.44 feet to the point of beginning of Line B to be described; thence South 57 degrees 35 minutes 05 seconds East 203.37 feet to the southeasterly line of said Outlot B and there terminating. Subject to an easement for ingress and egress over and across the Northeasterly 10 feet of the Northwesterly 60 feet thereof (the "Property"), from the City for $63,570 and to resell it to the Developer for $54,987 subject to the EDA's compliance with the requirements of Minnesota Statutes, section 469.105. 1.05. Pursuant to Minnesota Statutes, section 469.105, the EDA has held a public hearing on the proposed sale of the Property to the Developer, following published notice as required by law, at which hearing all persons wishing to express an opinion were given an opportunity to do so. Section 2. Findings. 2.01. It is hereby found and determined that the sale of the Property to the Developer is in the best interest of the EDA. 2.02. It is hereby found and determined that the sale of the Property furthers the EDA's general plan of economic development of the community. Section 3. Authorization. 3.01. The President and Executive Director are hereby authorized and directed to execute a quit claim deed and other appropriate documents to facilitate sale of the Property to the Developer. 3.02. The President, Executive Director, staff and consultants are hereby authorized and directed to take any and all other steps necessary or convenient in order to accomplish the sale of the Property. Dated: October 13, 1997. ATTEST: Executive Director The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor Bergeson thereof: J. Landers, S. Kuether, J. Bergeson, A. Neal and the following voted against same: (Lyden absent) Whereupon said resolution was declared duly passed and adopted.