HomeMy WebLinkAboutResolution No. 95-06 EDAMember Elliott introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-06
RESOLUTION AUTHORIZING SALE OF PROPERTY
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals
1.01. The City of Lino Lakes (the "City") approved a tax increment financing plan (the
"Plan") for the Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") on March 26,
1990.
1.02. The City established the Lino Lakes Economic Development Authority (the
"Authority") in 1990 and transferred to it control of TIF District No. 1-4.
1.03. On June 12, 1995 the Authority adopted and the City approved an amendment to
the Plan for TIF District No. 1-4 authorizing the Authority to write down the cost of land for a
proposal project.
1.04. The Authority is currently negotiating a development agreement with River Woods
Development Corporation whereby the Authority will agree to purchase property legally described
on Exhibit A attached hereto (the "Property") from the property owner for $78,408 and to resell
it to the developer for $43,408, subject to the Authority's compliance with the requirements of
Minnesota Statutes, section 469.105.
1.05. Pursuant to Minnesota Statutes section 469.105, the Authority has held a public
hearing on the proposed sale of the Property, 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 is in the best interest
of the Authority.
2.02. It is hereby found and determined that the sale of the Property furthers the
Authority's general plan of economic development of the community.
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Section 3. Authorization.
3.01. The President and Executive Director are hereby authorized and directed to execute
a 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: June 12 , 1995.
l'hST:
1 Schumacher, Executive Director
Vernon F. Reinert, President
Neal
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:
Reinert, Neal, Bergeson, Elliott
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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