HomeMy WebLinkAbout12-18-2006 EDA MinutesEDA MINUTES DECEMBER 18, 2006
APPROVED
1
1
2
CITY OF LINO LAKES 3
ECONOMIC DEVELOPMENT AUTHORITY 4
MINUTES 5
6
DATE : December 18, 2006 7
MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert, 8
J. O’Donnell 9
MEMBERS ABSENT 10
OTHERS PRESENT : Mary Divine, Gordon Heitke, Al Rolek, Mike 11
Grochala, Dave Pecchia and Julie Bartell 12
13
14
Meeting called to order by President Stoltz at 6:16 p.m. 15
16
CONSIDERATION OF MINUTES OF NOVEMBER 13, 2006 17
18
EDA Member O’Donnell moved to approve the November 13, 2006 minutes, as presented. EDA 19
Member Reinert seconded the motion. Motion passed unanimously. 20
21
RESOLUTION NO. 06-04, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN 22
OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT 23
BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE 24
CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC., 25
26
Ms. Divine advised LLAH Limited Partnership is the limited liability corporation (subdeveloper) 27
formed for the development of Lakewood Apartments. This EDA action releases the Hartford 28
Group from the conditions that will be assumed by the subdeveloper for the construction of 29
Lakewood Apartments. This release will be delivered upon approval of the site development 30
agreement with LLAH Limited Partnership. 31
32
Ms. Divine stated the Assignment and Release also included a provision that extends the 33
Timeline for Commencement and Completion of Construction of the Lakewoods Apartments. 34
Due to delays in project financing and approvals, project initiation was delayed. The new 35
provisions require that construction must commence by January 15, 2007 and be completed by 36
April 15, 2008. 37
38
EDA Member Reinert moved to approve Resolution No. 06-04, as presented. EDA Member 39
Bergeson seconded the motion. Motion carried unanimously. 40
41
RESOLUTION NO. 06-05, APPROVING EXTENSION OF METROPOLITAN 42
COUNCIL GRANT AGREEMENT AND LOAN TO LLAH LIMITED PARTNERSHIP 43
44
EDA MINUTES DECEMBER 18, 2006
APPROVED
2
Ms Divine stated the City of Lino Lakes obtained a $225,000 grant under the Livable 45
Communities Act Local Housing Incentives Account on December 16, 2005 for the purpose of 46
helping to finance Lakewood Apartments in the Legacy at Woods Edge project. 47
48
Ms. Divine advised Hartford Group and LLAH Limited Partnership are expected to close on the 49
financing of the property in late December and begin construction shortly thereafter. Due to 50
delay in the start of construction, the City Council will be requested consider an extension of the 51
grant agreement at the regular Council meeting this evening. 52
53
Ms. Divine noted the developer has requested, in order to facilitate their financing, that the grant 54
be provided in the form of a 30-year interest free loan. Because the EDA is the administrator of 55
Development District No. 1 in which this project will occur, legal counsel has advised the EDA 56
is the appropriate authority to provide this loan. 57
58
EDA Member O’Donnell moved to approve Resolution No. 06-05, as presented. EDA Member 59
Carlson seconded the motion. Motion carried unanimously. 60
61
ADJOURNMENT 62
63
There being no further business, EDA Member Bergeson moved to adjourn. EDA Member 64
O’Donnell seconded the motion. Motion passed unanimously. 65
66
Meeting adjourned at 6:22 p.m. 67
68