Resolution No. 06-03 EDA - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 06-03 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 Board of Commissioners ("Board") of the Lino Lakes Economic Development Authority ("Authority") as follows: Section 1. Recitals. 1.01. The 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 of Lino Lakes ("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 Avalon Homes, Inc. (the "Successor Developer"). 1.04. The Authority has reviewed an Approval of Assignment and Release of Obligations under Contract for Private Development, Avalon Homes, Inc., 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. Authority Approval; Further Proceedings. 2.01. The Assignment 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 Executive Director, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Assignment and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. SJB-267750v1 LN 140-80