HomeMy WebLinkAbout2005-178 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 05-178
RESOLUTION APPROVING ASSIGNMENT AND RELEASE OF CERTAIN
OBLIGATIONS UNDER CONTRACT FOR PRIVATE DEVELOPMENT
BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF LINO LAKES AND HARTFORD DEVELOPMENT, INC.
BE IT RESOLVED By the City Council ( "Council ") of the City of Lino Lakes, Minnesota
( "City ") as follows:
Section 1. Recitals.
1.01. The Lino Lakes Economic Development Authority ( "Authority ") currently
administers Development District No. 1 (the "Project)" pursuant to Minnesota Statutes, Sections
469.124 to 469.134 ( "Development District Act ").
1.02. The Authority, the City, and Hartford Development, Inc. (the "Developer ") entered
into a into a Contract for Private Development dated December 20, 2004, as amended by a First
Amendment thereto dated. September 13, 2005 (the "Contract "), setting forth the terms and
conditions of redevelopment of certain property within the Project, referred to generally as the
Legacy at Woods Edge Project.
1.03. The Developer and Legacy Holdings -LL, LLC the "Development Property Owner ")
have determined need to assign certain obligations under the Contract to CGI Builders, Inc. (the
"Successor Developer ").
1.04. The Council has reviewed an Approval of Assignment and Release of Obligations
under Contract for Private Development, County Inn & Suites Hotel, between the Authority, the
City, the Developer and the Successor Developer (the "Assignment "), and finds that the execution
thereof is in the best interest of the City and its residents.
Section 2. City Approval; Further Proceedings.
2.01. The Assignment as presented to the Council is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are approved by
the Mayor and City Administrator, provided that execution of the documents by such officials shall
be conclusive evidence of approval.
2.02. The Mayor and City Administrator are hereby authorized to execute on behalf of the
City the Assignment and any documents referenced therein requiring execution by the Authority,
and to carry out, on behalf of the City its obligations thereunder.
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• 2005.
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Approved by the City Council of the City of Lino Lakes, Minnesota this 14t of November,
ATTEST:
SJB- 267750v1
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Mayo
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AGENDA ITEM 6B
STAFF ORIGINATOR: Mary Alice Divine
DATE: 011/14/05
TOPIC: Resolution No. 05 -178 Approving the Assignment and
Release of Certain Obligations under the Contract for
Private Development with Hartford Development, Inc.
Vote Required: Simple Majority
BACKGROUND:
The City Council and the Economic Development Authority entered into a
Contract for Private Development with the Hartford Group on December 20,
2004, (amended on September 13, 2005) setting forth the terms and conditions
of redevelopment for Legacy at Woods Edge.
The Contract acknowledges that Hartford Group plans to sell certain portions of
the development property to subdevelopers, and requires that any proposed
subdeveloper assume all the obligations of the developer for the portion of the
property being transferred. The subdeveloper must agree to be subject to all the
conditions and restrictions of the Contract, including the construction of minimum
improvements on the site.
This action releases the Hartford Group from the conditions that will be assumed
by the subdeveloper (GCI Builders, Inc.) for the Country Inn & Suites site. This
release will be delivered upon approval of the site development agreement with
the Country Inn & Suites developer.
The EDA acted earlier this evening on the assignment and release.
OPTIONS:
1. Approve Resolution No. 05 -178 Approving the Assignment and Release
of Certain Obligations for the Country Inn & Suites site under the contract
with Hartford Group.
2. Do not approve Resolution No. 05 -178
3. Return to staff for further consideration.
RECOMMENDATION:
Option 1
Certification of Resolution No. 05 -178
Councilmember Carlson introduced Resolution No. 05 -178 at the regularly scheduled meeting
of the Lino Lakes City Council held on November 14, 2005, and moved its adoption.
The motion for adoption of the foregoing resolution was duly seconded by
Councilmember Dahl and upon vote being taken thereon, the following voted in favor thereof:
Reinert, Dahl, Bergeson, Carlson and Stoltz.
The following voted against same: None.
Whereupon said resolution was declared passed and adopted.
STATE OF MINNESOTA )
COUNTY OF ANOKA )
CITY OF LINO LAKES )
I, the undersigned, being the duly qualified Deputy City Clerk of the City of Lino Lakes,
Minnesota, do hereby certify that the attached document is a true copy of Resolution No. 05 -178
with the original thereof on file in the City Clerk's office, and the same is a full, true and
complete copy insofar as the same relates to:
RESOLUTION NO. 05-178
APPROVING ASSIGNMENT AND RELEASE OF CERTAIN OBLIGATIONS UNDER
CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES AND
HARTFORD DEVELOPMENT INC.
Witness my hand as said Deputy City Clerk and the Corporate Seal of the City this 16th day of
November, 2005.
600 Town Center Parkway, Lino Lakes, Minnesota 55014-1182
Phone: 651 -982 -2400 • Fax: 651 - 982 -2499