RES 91-2 RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 91-2
411 RESOLUTION RELATING TO APPROXIMATELY $2,750,000
CITY HALL AND LAW ENFORCEMENT
FACILITY FINANCING, DETERMINING THE NECESSITY THEREFOR
AND AUTHORIZING CERTAIN PROCEEDINGS THEREFOR
BE IT RESOLVED by the Board of Commissioners (the Board) of
the Economic Development Authority for the City of Elk River,
Minnesota (the Authority) as follows:
Section 1. Recitals . It is hereby found, determined and
declared that:
1. 1) The present city hall/law enforcement facility leased
and operated by the City of Elk River, Minnesota (the City) has
been determined by the City to be inadequate and the City has
found the construction of a new city hall/law enforcement
facility (the Facility) necessary to meet the governmental
purposes of the City.
1.2) The City proposes to acquire certain land (the Land)
legally described in the Lease Purchase Agreement with the
Authority in substantially the form attached hereto (the
Lease) , upon which to construct the Facility, to convey the
Land to the Authority for the sum of One Dollar, and to execute
e111 the Lease.
1. 3) Pursuant to Minnesota Statutes, Section 469 . 103,
subd. 1, an economic development authority may decide by
resolution to issue its revenue bonds to provide money to
purchase or construct facilities .
1.4) This Board has received a proposal from Springsted
Incorporated, financial consultants to the Authority and the
City, whereby the Authority will issue obligations the proceeds
of which will be used to acquire, construct, and equip the
Facility and to pay costs connected with the issuance of the
obligations; the Authority will lease the Facility to the City
(subject to the right of the City to terminate the Lease at the
end of any fiscal year of the City) ; the Authority will pledge
the lease payments to the payment of the principal of, interest
on and premium, if any, on the obligations issued to construct
the Facility, and the City will be granted an option to
purchase the Facility for the sum of one dollar, upon payment
in full of the obligations issued to finance the Facility.
Section 2 . Authorization for Negotiation of Financing.
All details of the financing and provisions for payment of any
obligations issued in furtherance thereof shall be negotiated
by representatives of the Authority, the City, Springsted
Incorporated and Larkin, Hoffman, Daly & Lindgren, Ltd. , bond
counsel, and shall be subject to the further approval of the
attorney for the Authority and this Board. All officers,
S employees and agents of the Authority are hereby authorized and
directed to provide any preliminary information prudent for
these purposes . The attorney for the Authority is authorized
to assist in the preparation of such additional resolutions and
other documents as may be appropriate and necessary to the
financing.
Section 3 . Authorization for Acquisition of Land and
Execution of Lease Purchase Agreement. Subject to approval of
the details of the financing of the Facility through the
issuance of the Authority's obligations, the acquisition of the
Land by the Authority from the City for the sum of One Dollar
is hereby approved and the Lease Purchase Agreement in
substantially the form attached hereto, with such changes and
insertions as shall be approved by this Board concurrently with
final approval of the terms of the financing of the Facility,
is hereby approved.
Adopted this 9th day of September, 1991.
AA
Presid- .t4,4ey A. goll
Attest: ,`,,,, 4 a_
214.6"4‘44),S
11111
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LAS:BS6a
STATE OF MINNESOTA
e COUNTY OF SHERBURNE
CITY OF ELK RIVER
I, the undersigned, being the duly qualified and acting
Secretary of the Economic Development Authority for the City of
Elk River, Minnesota, or an appropriate official of said
Authority authorized to execute documents on behalf of said
Secretary, DO HEREBY CERTIFY that I have compared the attached
and foregoing extract of minutes with the original thereof on
file in my office, and that the same is a full, true, and
complete transcript of the minutes of a meeting of the Board of
Economic Development Authority for said Authority duly called
and held on the date therein indicated, insofar as such minutes
relate to the declaration of the intention of the Authority to
0 authorize negotiation of the details of financing of a city
hall and law enforcement facility, to acquire the land therefor
from the City of Elk River and to lease the land to the City of
Elk River.
WITNESS my hand and seal this 67 day of 14-- , 1991.
[SEAL] cAL.eL.4 \- �c-sel.,e-er:
ity Clerk
le
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