HomeMy WebLinkAboutResolution No. 01-39 EDAMember introduced the following resolution and moved its adoption:
City of Lino Lakes
Resolution No. 2001-39
RESOLUTION TERMINATING ASSESSMENT AGREEMENT
WHEREAS, the Lino Lakes Economic Development Authority (the "Authority") entered
into a Contract for Private Development dated April 25 , 2000 (the `Development
Agreement") with Bernard V. Carey (the "Developer') for construction of a 15,000 square foot
manufacturing facility (the "Minimum Improvements") to be completed by December 31, 2000;
and
WHEREAS, the Authority and Developer also entered into an Assessment Agreement
calling for a minimum market value of $690,800 with regard to the Minimum Improvements as
of January 2, 2001 for taxes payable beginning in 2002; and
WHEREAS, the Developer has defaulted under the Development Agreement by failing to
construct the Minimum Improvements; and
WHEREAS, the Authority has terminated the Development Agreement as a result of the
Developer's default and wishes to terminate the Assessment Agreement.
NOW, THEREFORE, BE IT RESOLVED By the city council of the city of Lino Lakes
that the Assessment Agreement entered into by the Authority and the Developer and recorded on
the 8th day of June , 2000 as document number 1505096 in Anoka County, Minnesota,
is hereby terminated.
Dated: March 12, 2001.
John Bergeson, Mayor
Attest:
Linda Waite Smith, City Administrator
The motion for the foregoing resolution was duly seconded by Member
and upon a vote being taken thereon, the following voted in favor thereof
RHB-194199v1
LN140-69