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RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY <br /> RESOLUTION NO. 91-2 <br /> 411 RESOLUTION RELATING TO APPROXIMATELY $2,750,000 <br /> CITY HALL AND LAW ENFORCEMENT <br /> FACILITY FINANCING, DETERMINING THE NECESSITY THEREFOR <br /> AND AUTHORIZING CERTAIN PROCEEDINGS THEREFOR <br /> BE IT RESOLVED by the Board of Commissioners (the Board) of <br /> the Economic Development Authority for the City of Elk River, <br /> Minnesota (the Authority) as follows: <br /> Section 1. Recitals . It is hereby found, determined and <br /> declared that: <br /> 1. 1) The present city hall/law enforcement facility leased <br /> and operated by the City of Elk River, Minnesota (the City) has <br /> been determined by the City to be inadequate and the City has <br /> found the construction of a new city hall/law enforcement <br /> facility (the Facility) necessary to meet the governmental <br /> purposes of the City. <br /> 1.2) The City proposes to acquire certain land (the Land) <br /> legally described in the Lease Purchase Agreement with the <br /> Authority in substantially the form attached hereto (the <br /> Lease) , upon which to construct the Facility, to convey the <br /> Land to the Authority for the sum of One Dollar, and to execute <br /> e111 the Lease. <br /> 1. 3) Pursuant to Minnesota Statutes, Section 469 . 103, <br /> subd. 1, an economic development authority may decide by <br /> resolution to issue its revenue bonds to provide money to <br /> purchase or construct facilities . <br /> 1.4) This Board has received a proposal from Springsted <br /> Incorporated, financial consultants to the Authority and the <br /> City, whereby the Authority will issue obligations the proceeds <br /> of which will be used to acquire, construct, and equip the <br /> Facility and to pay costs connected with the issuance of the <br /> obligations; the Authority will lease the Facility to the City <br /> (subject to the right of the City to terminate the Lease at the <br /> end of any fiscal year of the City) ; the Authority will pledge <br /> the lease payments to the payment of the principal of, interest <br /> on and premium, if any, on the obligations issued to construct <br /> the Facility, and the City will be granted an option to <br /> purchase the Facility for the sum of one dollar, upon payment <br /> in full of the obligations issued to finance the Facility. <br /> Section 2 . Authorization for Negotiation of Financing. <br /> All details of the financing and provisions for payment of any <br /> obligations issued in furtherance thereof shall be negotiated <br /> by representatives of the Authority, the City, Springsted <br /> Incorporated and Larkin, Hoffman, Daly & Lindgren, Ltd. , bond <br /> counsel, and shall be subject to the further approval of the <br />