HomeMy WebLinkAboutResolution No 22-03 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.22-03
RESOLUTION APPROVING THE EXECUTION OF A SECOND
AMENDMENT TO PURCHASE AND DEVELOPMENT
AGREEMENT WITH SILVER CREEK EQUITY LLC
BE IT RESOLVED By the Board of Commissioners (the `Board") of the Lino Lakes Economic
Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority owns certain property located in the City of Lino Lakes, Minnesota (the
"Property").
1.02. On June 13, 2022, following a duly noticed public hearing, the Board approved the sale
of the Property to Silver Creek Equity LLC, a Delaware limited liability company, or its successors or
assigns (collectively, the "Developer"), for the purpose of developing market -rate housing for seniors,
multi -tenant retail, and restaurants.
1.03. The Authority and the Developer entered into a Purchase and Development Agreement
(the "Original Agreement") governing the sale of the Property to the Developer.
1.04. The Authority and the Developer entered into a First Amendment to Purchase and
Development Agreement (the "First Amendment to Agreement"), which amended the Original
Agreement (as amended, the "Amended Agreement"), in order to extend the due diligence period
described in the Original Agreement.
1.05. The Authority and the Developer have determined to further amend the Original
Agreement and have caused to be prepared and presented to the Board a Second Amendment to Purchase
and Development Agreement (the "Second Amendment to Agreement"), which amends the Amended
Agreement.
Section 2. AuthorityApproval; Further Proceedings.
2.01. The Second Amendment to Agreement is 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
the Executive Director, provided that execution of the Second Amendment to Agreement 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 Second Amendment to Agreement and any other documents referenced therein requiring
execution by the Authority or otherwise required to effectuate the transaction described in the Second
Amendment to Agreement.
2.03. Authority staff and consultants are authorized and directed to take all actions needed to carry
out the transactions described in this resolution.
Approved by the Board of Commissioners of the Lino Lakes Economic Development Authority this
12'' day of December, 2022.
Pr ident, Michael Ruhland
ATTEST:
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Executive Director, Sarah Cotton
LN140-127 (JAE)
842641A