HomeMy WebLinkAboutResolution No. 95-04 EDAMember Pi i iott
introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-04
RESOLUTION AUTHORIZING 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 Nol-Tec Systems, Inc., a
Minnesota corporation (the "Developer") whereby the EDA agreed to purchase property legally
described as Lot 2 and a portion of Lot 3, Block 1, Apollo Business Park, Anoka County,
Minnesota (the "Property") from the City for $117,000 and to resell it to the Developer for
$54,000, subject to the EDA's compliance with the requirements of Minnesota Statutes, §
469.105.
1.04. Pursuant to Minnesota Statutes, § 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 person 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.
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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: June 7 , 1995.
ATTEST:
Executive Director
President
The motion for the adoption of the foregoing resolution was duly seconded by membbe rand upon
vote being taken thereon, the following voted in favor thereof:
Reinert, Bergeson, Neal, Elliott
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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