HomeMy WebLinkAbout2006-195 Council Resolution•
•
Mayor Bergeson introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 06 -195
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 LLAH Limited Partnership
(the "Successor Developer ").
1.04. The Council has reviewed an Approval of Assignment and Release of Obligations
under Contract for Private Development, LLAH Limited Partnership, 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.
SJB- 270695v1
LN 140 -80
• Approved by the City Council of the City of Lino Lakes, Minnesota this 27th of November,
•
•
2006.
ATTEST:
City C ° rk
J
The motion for the adoption of the foregoing resolution was duly seconded
by Council Member O'Donnell and upon a vote being taken thereon, the following
voted in fabor thereof: Bergeson, O'Donnell, Reinert, Carlson, Stoltz
The following voted against the same: none
Whereupon said resolution was declared duly passed and adopted.
SJB- 267750v1
LN 140 -80
2