HomeMy WebLinkAboutResolution No. 95-09 EDA^ Member F tl i of t
introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95- 0 9
RESOLUTION AUTHORIZING SALE OF PROPERTY
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals
1.01. On May 22, 1995, the Lino Lakes Economic Development Authority (the
"Authority") adopted and the City of Lino Lakes (the "City") approved a tax increment financing
plan (the "Plan") for TIF District No. 1-7 authorizing the Authority to write down the cost of
land for a proposal project.
1.02. The Authority is currently negotiating a development agreement with Mag -Con
Engineering, Inc. (the "Developer") whereby the Authority will agree to purchase property legally
described on Exhibit A attached hereto (the "Property") from the City for $89,700 and to resell
it to the Developer for $74,000, subject to the Authority's compliance with the requirements of
Minnesota Statutes, section 469.105.
1.03. 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 to the Developer for
$74,0000 is in the best interest of the Authority.
2.02. It is hereby found and determined that the sale of the Property to the Developer
furthers the Authority'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 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 to the Developer.
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Dated: August 14 , , 1995.
Randall Schumacher, Executive Director
Vernon F. Reinert, President
The motion for the adoption of the foregoing resolution was duly seconded by member
BArgeson
and upon vote being taken thereon, the following voted in favor thereof:
Kuether, Neal, Bergeson, Reinert, Elliott
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
RHB92234
LN140-33