HomeMy WebLinkAboutEDA Resolution 24-01 LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 24-01
RESOLUTION APPROVING THE SALE OF LAND WITHIN THE CITY OF LINO LAKES
WHEREAS, the Lino Lakes Economic Development Authority (the "EDA") has the authority
to sale property for economic development purposes; and
WHEREAS, certain real land identified as Anoka County Tax Parcel, 18-31-22-41-0011,
legally described on Exhibit A, attached hereto, is located in the Apollo Business Park; and
WHEREAS, the parcel may be used to promote economic development and allow for
expansion of abutting industrial property; and
WHEREAS, the parcel is guided for Industrial use in the City's 2040 Comprehensive Plan
and zoned LI, Light Industrial; and
WHEREAS,the sale of the property will provide for enhancement of the City's tax base and
assist in the retention of a local business.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino Lakes
Economic Development Authority that:
1. The sale of parcel 18-31-22-41-0011 To MIT USA LLC, in the amount of $900.00
plus fees, is hereby approved subject to such terms incorporated into the purchase agreement
for said property. The President and Executive Director are hereby authorized to execute a
purchase agreement, deed and other documents as may be necessary in order to sell the
property.
Adopted by the Board of Commissioners of the Lino Lakes Economic Development
Authority this 22nd day of January, 2024.
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President, c S es2
ATTEST:
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Executive Director, Sarah Cotton
EXHIBIT A
Legal Description:
That part of the Northeast Quarter of the Southeast Quarter of Section 18, Township
31, Range 22 lying southerly of Apollo Drive and lying Northerly of I35W and lying
Northeasterly of the following described line: Commencing at the most Easterly corner of
parcel 14, City of Lino Lakes Right of Way Plat No. 1, Apollo Drive; thence South 68 degrees 12
minutes 20 seconds West (assumed bearing) along the Southeasterly line of said Plat 60.07
feet; thence Southwesterly 243.99 feet along said Southeasterly line being a tangential curve
concave to the southeast having a radius of 610 feet and a central angle of 22 degrees 55
minutes 02 seconds; thence South 45 degrees 17 minutes 18 seconds West tangent to said
curve 280 feet to the point of beginning of said line; thence South 44 degrees 42 minutes 42
seconds East 308.65 feet to intersect with the northeasterly right of way of I35W and said line
there terminating, except the East 383 feet thereof, Anoka County, Minnesota.
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