HomeMy WebLinkAbout03-11-2013 EDA MinutesEDA MINUTES MARCH 11, 2013
DRAFT
1
DATE : March 11, 2013
TIME STARTED : 6:15 p.m.
TIME ENDED : 6:20 p.m.
MEMBERS PRESENT : Commissioners O’Donnell, Roeser,
Reinert, Rafferty, Stoesz
MEMBERS ABSENT : None
OTHERS PRESENT: : Mary Divine
The meeting was called to order at 6:15 p.m. by President Roeser.
CONSIDERATION OF THE MINUTES OF JANUARY 14, 2013
EDA Member O’Donnell moved to approve the January 25, 2013 minutes. EDA Member
Rafferty seconded the motion. Motion carried on a unanimous voice vote.
PUBLIC HEARING TO CONSIDER THE SALE OF PROPERTY TO LINO LAKES
ASSISTED LIVING
Mary Divine, Economic Development Coordinator, explained the terms of the Purchase and
Redevelopment Agreement between the EDA and Lino Lakes Assisted Living, LLC (LLAL).
She explained that LLAL would deposit the purchase price of $321,474 and the City would
purchase the property from Anoka County. The County will re-convey $290,500 to the City for
payment on the special assessments. Also included in the agreement is a subordination
agreement subordinating the EDA’s interest to the mortgage lender.
EDA President Roeser opened the public hearing at 6:18 p.m. Upon hearing no one wishing to
speak he closed the public hearing at 6:18 p.m.
CONSIDERATION OF RESOLUTION 13-03 APPROVING A PURCHASE AND
REDEVELOPMENT AGREEMENT BY AND BETWEEN THE LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY AND LINO LAKES HOUSING LIMITED
PARTNERSHIP AND RELATED SUBORDINATION AGREEMENT
EDA Member Rafferty moved to approve Resolution No. 13-03 as presented. EDA Member
Stoesz seconded the motion. Motion carried on a unanimous voice vote.
ADJOURNMENT
There being no further business, EDA President Roeser moved to adjourn. EDA Member
O’Donnell seconded the motion. Motion carried on a unanimous voice vote.
Meeting adjourned at 6:20 p.m.