Resolution No. 09-01 EDA - Laserfiche WebLink

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 09-01 RESOLUTION APPROVING AN ADDENDUM TO CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF LINO LAKES, AND LINO LAKES LODGING, LLC BE IT RESOLVED By the Board of Commissioners ("Board") of the Lino Lakes Economic Development Authority ("Authority") as follows: Section 1. Recitals. 1.01. The Authority administers Development District No. 1 (the "Project)" and Tax Increment Financing District No. 1-11 (the "TIF District") pursuant to Minnesota Statutes, Sections 469.124 to 469.134 ("Development District Act") and Sections 469.174 to 469.179 (the "TIF Act"). 1.02. The Authority, City of Lino Lakes (the "City") and Legacy Holdings/Lino Lakes, LLC (the "Developer") entered into a into a Contract for Private Development dated December 20, 2004, amended by a First Amendment thereto dated September 13, 2005 (the "Original 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. Lino Lakes Lodging (the "Assisted Living Developer") proposes to acquire and convert the existing hotel that was previously developed within the Legacy at Woods Edge Project, and in connection with such conversion, the Assisted Living Developer, Authority and City propose to enter into an Addendum to the Original Contract (the "Addendum"). 1.04. The Board has reviewed the Addendum and determined that it is in the best interests of the Authority to approve the same. Section 2. Authority Approval; Further Proceedings. 2.01. The Addendum as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Acting Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The President and Acting Executive Director are hereby authorized to execute on behalf of the Authority the Addendum and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder.