HomeMy WebLinkAbout1998-180 Council ResolutionMember Neal introduced the following resolution and moved its adoption:
City of Lino Lakes
Resolution No. 98 - 180
RESOLUTION APPROVING THE AMENDED AND
RESTATED ASSESSMENT AGREEMENT BY AND
BETWEEN F & G, INC. AND THE LINO LAKES ECONOMIC
DEVELOPMENT AUTHORITY
WHEREAS, on May 13, 1997 F & G, Inc. (the "Developer") and the Lino Lakes
Economic Development Authority (the "Authority") entered into a Contract for Private
Development (the "Development Agreement") regarding certain land within Lino Lakes and
executed an agreement establishing a minimum market value for the property and the
improvements to be constructed thereon (the "Assessment Agreement"); and
WHEREAS, the Assessment Agreement established a minimum market value of
$1,679,300 for the property and the first two buildings constructed thereon by the Developer; and
WHEREAS, pursuant to Section 7.2(b) of the Development Agreement, the Developer
and the Authority agreed to increase the minimum market value to $2,285,300 at the time of
construction of the third building; and
WHEREAS, the Developer has constructed the third building on the property and the
parties to the Development Agreement concur that the minimum market value thereof should
now reflect the higher value; and
WHEREAS, Minnesota Statutes, Section 469.177, subd. 8 requires approval by the Lino
Lakes city council in any case in which an assessment agreement is modified; and
WHEREAS, the Authority has caused to be prepared an Amended and Restated
Assessment Agreement (the "Amended Assessment Agreement") which establishes the
minimum market value of the property and the three buildings constructed thereon at $2,285,300
as of January 2, 1999 for taxes payable beginning in 2000;
NOW, THEREFORE, BE IT RESOLVED By the city council of the city of Lino Lakes
as follows:
1. The Amended Assessment Agreement is hereby approved.
2. Staff and consultants are authorized and directed to cause the Amended
Assessment Agreement and a copy of this resolution as record of the city's approval thereof to be
filed of record with Anoka County.
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RESOLUTION NO. 98 - 180
Page -2-
3. Staff and consultants are authorized and directed to take any and all other actions
necessary or convenient to effect the intent of this resolution.
Dated: December 21, 1998.
Attest:
P Kalilyn Anderson, Clerk -Treasurer
The motion for the foregoing resolution was duly seconded by Member
Bergeson
and upon a vote being taken thereon, the following voted in favor thereof: Bergeson, Dahl, Neal,
Sullivan.
and the following voted against same: none, Council Member Lyden was absent.
Whereupon said resolution was declared duly adopted.
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