12-18-2006 EDA Minutes - Laserfiche WebLink

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EDA 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