Laserfiche WebLink
LEASE-PURCHASE AGREEMENT <br /> <br /> THIS LEASE-PURCHASE AGREEMENT, dated as of June 1, 2015 (the “Lease”), is by and <br />between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and <br />politic and political subdivision of the State of Minnesota, as lessor (the “Authority”), and the CITY OF <br />LINO LAKES, MINNESOTA, a home rule charter city and political subdivision of the State of Minnesota, <br />as lessee (the “City”). <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, the City is authorized by law to acquire such items of real and personal property as are <br />needed to carry out its governmental and proprietary functions, and to acquire such real and personal property <br />by entering into lease-purchase contracts; and <br /> <br /> WHEREAS, the City has determined that it is necessary for it to acquire pursuant to this Lease the <br />Authority’s interest in certain real property described on EXHIBIT A attached hereto (the “Site”), together <br />with the fire hall, structures and improvements constructed and to be constructed thereon and certain <br />equipment to be contained therein (the “Facilities”); and <br /> <br /> WHEREAS, the development of the Site and the Facilities is consistent with and furthers the <br />economic development functions of the Authority; and <br /> <br /> WHEREAS, the Authority is willing to acquire a leasehold interest in the Site pursuant to a Ground <br />Lease, dated as of June 1, 2015 (the “Ground Lease”), between the City, as lessor, and the Authority, as <br />lessee, and to acquire title to the Facilities and to lease and sell the Site and the Facilities to the City, pursuant <br />to this Lease; and <br /> <br /> WHEREAS, to provide funds for the acquisition and renovation of the Facilities, the Authority will <br />issue its Lease Revenue Bonds, Series 2015 (City of Lino Lakes, Minnesota Lease Obligation) (the “Bonds”), <br />in the original aggregate principal amount of $4,430,000, pursuant to a resolution adopted by the Authority <br />on March 23, 2015 (the “Bond Resolution”); and <br /> <br /> NOW, THEREFORE, in the joint and mutual exercise of their powers, and in consideration of the <br />mutual covenants herein contained, the parties hereto recite and agree as follows: <br /> <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.) <br />460515v1 JAE LN140-112 1