HomeMy WebLinkAboutResolution No. 96-05 EDAMember Bergeson introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 96-05
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") approved 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. The EDA entered into a development agreement with Progressive Engineering, 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 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 and along 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 75.00 feet 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 323.37 feet to the
southeasterly line of said Outlot B and there terminating.
LINE B: Commencing at Point "A" as described above; thence South 40 degrees 11 minutes 12
seconds West along the northwesterly line of said Outlot B a distance of 262.84 feet; thence
southwesterly along said northwesterly line and along a tangential curve concave to the southeast
having a radius of 799.00 feet, a central angle of 4 degrees 36 minutes 00 seconds and an arc
length of 64.14 feet to the point of beginning of the Line B to be described; thence South 49
degrees 48 minutes 48 seconds East and not tangent to said curve 295.14 feet to the southeasterly
line of said Outlot B and there terminating. (the "Property") from the City for $89,700 and to
resell it to the Developer for $19,500 subject to the EDA's compliance with the requirements of
Minnesota Statutes, section 469.105.
1.04. 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: March 25 , 1996.
ATTEST:
atAa
Executive Director
Lyden
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 thereof:
Kuether, Bergeson, Lyden, Neal, Landers
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.