Resolution No. 03-06 (Approved) - Laserfiche WebLink

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Authorizing Resolution LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03-06 RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS $638,400 TAX INCREMENT REVENUE NOTE, SERIES 2001. BE IT RESOLVED BY the City Council (“Council”) of the Lino Lakes Economic Development Authority (the “Authority”) as follows: Section 1. Authorization; Award of Sale. 1.01. Authorization. The Authority has heretofore approved the establishment of Tax Increment Financing District No. 1-10 (the “TIF District”) within Development District No. 1 (“Project”), and have adopted a tax increment financing plan for the purpose of financing certain improvements within the Project. Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and sell its bonds for the purpose of financing a portion of the public development costs of the Development District. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue and sell its $638,400 Tax Increment Revenue Note, Series 20__ (the “Note”) for the purpose of financing certain public costs of the Project. 1.02. Agreement Approved; Issuance, Sale, and Terms of the Note. The Authority hereby approves the Contract for Private Development (the “Agreement”) between the Authority and the Panattoni Development Co., LLC (the “Owner”) and authorizes the Mayor and City Administrator to execute such Agreement in substantially the form on file with Authority, subject to modifications that do not alter the substance of the transaction and are approved by such officials, provided that execution of the Agreement by such officials is conclusive evidence of their approval. Pursuant to the Agreement, the Note shall be sold to the Owner. The Note shall be dated as of the date of deliver. The Authority shall receive in exchange for the sale of the Note the agreement of the Owner to pay the Site Improvement Costs as defined in the Agreement. The Note will be delivered in accordance with the terms of Section 3.3 of the Agreement. Section 2. Form of Note. The Note shall be in substantially the following form, with the blanks to be properly filled in and the principal amount and payment schedule adjusted as of the date of issue: SJB-237079v2 C-1 LN140-81