HomeMy WebLinkAbout11-13-2006 EDA Minutes
APPROVED
1
2
3 CITY OF LINO LAKES
4 ECONOMIC DEVELOPMENT AUTHORITY
5 MINUTES
6
7 DATE : November 13, 2006
8 MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert,
9 MEMBERS ABSENT : J. O’Donnell
10 OTHERS PRESENT : Mary Divine, Gordon Heitke, Jean Viger, Al Rolek
11 and Julie Bartell
12
13
14 Meeting called to order by President Stoltz at 6:17 p.m.
15
16 CONSIDERATION OF MINUTES OF JANUARY 23, 2006
17
18 EDA Member Reinert moved to approve the January 23, 2006 minutes, as presented. EDA
19 Member Carlson seconded the motion. Motion passed unanimously.
20
21 RESOLUTION NO. 06-02, FIRST AMENDMENT TO LEASE-PURCHASE
22 AGREEMENT BETWEEN LINO LAKES EDA AND THE CITY OF LINO LAKES
23
24 Mr. Rolek advised the City’s bond counsel has advised that the EDA would need to amend the
25 Lease-Purchase Agreement for the outstanding EDA bonds Series 1998A because the lease
26 payments will be reduced to the amount needed to pay the small amount of bonds that will remain
27 outstanding.
28
29 The City Council has approved the amended agreement in its resolution awarding the sale of the
30 G.O. CIP Refunding bonds 2006E. The EDA must also approve the amended agreement.
31
32 EDA Member Reinert moved to approve Resolution No. 06-02, as presented. EDA Member
33 Bergeson seconded the motion. Motion carried unanimously.
34
35 RESOLUTION NO. 06-03, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN
36 OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT
37 BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE
38 CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC.
39
40 Ms. Divine stated the EDA entered into a Contract for Private Development with the Hartford
41 Group on December 20, 2004, (amended on September 13, 2005) setting forth the terms and
42 conditions of redevelopment for Legacy at Woods Edge.
43
44 The Contract acknowledges that Hartford Group plans to sell certain portions of the development
45 property to subdevelopers, and requires that any proposed subdeveloper assume all the
46 obligations of the developer for the portion of the property being transferred. The subdeveloper
47 must agree to be subject to all the conditions and restrictions of the Contract, including the
48 construction of minimum improvements on the site.
EDA MINUTES November 13, 2006
APPROVED
49 This EDA action releases the Hartford Group from the conditions that will be assumed by the
50 subdeveloper (Avalon Homes) for Phase 1 of the Townhome site. This release will be delivered
51 upon approval of the site development agreement with Avalon Homes, Inc.
52
53 EDA Member Reinert moved to approve Resolution No. 06-03, as presented. EDA Member
54 Bergeson seconded the motion. Motion carried unanimously.
55
56 ADJOURNMENT
57
58 There being no further business, EDA Member Carlson moved to adjourn. EDA Member
59 Bergeson seconded the motion. Motion passed unanimously.
60
61 Meeting adjourned at 6:23 p.m.
62
2