HomeMy WebLinkAbout03-11-2013 EDA PacketAGENDA
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
MONDAY, MARCH 11, 2013
6:15 P.M.
City Council Chambers
1. Call to Order and Roll Call
2. Consideration of Minutes of February 25, 2013
3. Public Hearing to Consider the Sale of Property to Lino Lakes Assisted Living, Mary
Alice Divine
a) Consideration of Resolution No. 13-03 Approving a Purchase and
Redevelopment Agreement Between the Lino Lakes Economic Development
Authority and Lino Lakes Housing Limited Partnership and Related
Subordination Agreement
4. Adjourn
EDA MINUTES February 25, 2013
DRAFT
DATE
TIME STARTED
TIME ENDED
MEMBERS PRESENT
MEMBERS ABSENT
OTHERS PRESENT:
: February 25, 2013
. 6:20 p.m.
. 6:25 p.m.
: Commissioners O'Donnell, Roeser,
Reinert, Rafferty, Stoesz
. None
: Mary Divine, Mike Grochala
The meeting was called to order at 6:20 p.m. by President Rafferty.
CONSIDERATION OF THE MINUTES OF JANUARY 14, 2013
EDA Member Reinert moved to approve the January 14, 2013 minutes. EDA Member Rafferty
seconded the motion. Motion carried on a unanimous voice vote.
CONSIDERATION OF LETTER OF INTENT REGARDING CONVEYANCE OF
PARCEL IN LEGACY AT WOODS EDGE
Mary Divine, Economic Development Coordinator, informed the members that Lino Lakes
Assisted Living (LLAL) wants to expand their facilities by purchasing addition property within
Legacy at Woods Edge. Since the property is tax forfeit, staff has worked with Anoka County
on a plan to purchase said property. The resolution authorizes a non -binding letter of intent from
the city to Anoka County proposing the terms of the purchase. EDA member O'Donnell moved
to approve Resolution No. 13-02 as presented. EDA member Rafferty seconded the motion.
Motion carried on a unanimous voice vote.
CONSIDERATION OF RESOLUTION SEEKING SPECIAL LEGISLATION
REGARDING THE CONVEYANCE OF CERTAIN TAX -FORFEITED LAND FROM
ANOKA COUNTY TO THE ECONOMIC DEVELOPMENT AUTHORITY
Mary Divine, Economic Development Coordinator, explained the terms of special legislation
that would allow the EDA to purchase the property within the Legacy at Woods Edge area.
EDA Member Roeser suggested it is good for the city to find this way to remove a cloud over the
property and make it more marketable. He acknowledged the assistance of Anoka County
Commissioner Rhonda Sivarajah in the ability to bring this forward.
EDA Chair Rafferty moved to approve Resolution No. 13-01 as presented. EDA Member Stoesz
seconded the motion. Motion carried on a unanimous voice vote.
ADJOURNMENT
There being no further business, EDA Chair Rafferty moved to adjourn. EDA Member Stoesz
seconded the motion. Motion carried on a unanimous voice vote.
Meeting adjourned at 7:02 p.m.
1
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-03
RESOLUTION APPROVING A PURCHASE AND REDEVELOPMENT
AGREEMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT
AUTHORITY AND LINO LAKES HOUSING LIMITED PARTNERSHIP AND
RELATED SUBORDINATION AGREEMENT
BE IT RESOLVED By the Board of Commissioners ("Board") of the Lino Lakes Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The property described as Outlot A, The Village No. 4, according to the recorded plat
thereof, Anoka County, Minnesota (the "Property") is a tax -forfeited parcel located with the Legacy
at Woods Edge Development.
1.02. The Property is immediately adjacent to the parcel now occupied by the assisted
living facility owned by Lino Lakes Assisted Living, LLC ("LLAL"), and LLAL has proposed to
acquire the Property in order to expand its facility.
1.03. The Authority has entered into a letter of intent (the "LOI") with Anoka County (the
"County") describing terms under which the Authority will acquire the Property, with the intent to
re -convey it to LLAL.
1.04. The Board has reviewed terms of a proposed Purchase and Redevelopment
Agreement between the Authority and LLAL (the "Purchase Agreement"), providing for
conveyance by the Authority of the Property to LLAL (after the Authority obtains a State tax deed
in accordance with the LOI), and the subsequent development of that Property by LLAL.
1.05. In accordance with Minnesota Statutes, Section 469.105, subd. 2, the Authority has on
this date held a duly noticed public hearing regarding conveyance of the Property to LLAL.
1.06. The Authority finds that conveyance of the Property to LLAL in accordance with the
Purchase Agreement is in the best interests of the City and its residents, and that the transaction
furthers the Authority's general plan of economic development.
1.07. LLAL has also requested that the Authority subordinate its rights under the Purchase
Agreement to LLAL's lender (the "Lender"), which the Authority acknowledges is reasonably
necessary for LLAL to obtain financing needed to acquire the Property and construct the required
improvements thereon.
1.08. The Authority has reviewed a proposed Subordination Agreement among the
Authority, LLAL, and a Lender to be named (the "Subordination Agreement"), and has determined
that it is in the best interests of the Authority to approve that document.
419695v1 SJB LN140-109
Section 2. Authority Approval; Further Proceedings.
2.01. The Purchase Agreement and Subordination Agreement are each hereby in all
respects approved, subject to modifications that do not alter the substance of the transaction and that
are approved by the President and Executive Director, provided that execution of the documents by
such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute, on behalf of
the Authority, the Purchase Agreement, the Subordination Agreement, and any documents
referenced therein requiring execution by the Authority or otherwise required to effectuate the
transaction described in those documents.
2.03. Authority staff and consultants are authorized and directed to take all actions needed
to carry out the transactions describe din this Resolution.
Approved by the Board of Directors of the Lino Lakes Economic Development Authority,
this l l th day of March, 2013.
ATTEST:
Secretary
419695v1 SJB LN140-109
2
President