05-11-2015 Council Packet - Laserfiche WebLink

Home Search

LEASE -PURCHASE AGREEMENT THIS LEASE -PURCHASE AGREEMENT, dated as of June 1, 2015 (the "Lease"), is by and between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic and political subdivision of the State of Minnesota, as lessor (the "Authority"), and the CITY OF LINO LAKES, MINNESOTA, a home rule charter city and political subdivision of the State of Minnesota, as lessee (the "City"). WITNESSETH: WHEREAS, the City is authorized by law to acquire such items of real and personal property as are needed to carry out its governmental and proprietary functions, and to acquire such real and personal property by entering into lease -purchase contracts; and WHEREAS, the City has determined that it is necessary for it to acquire pursuant to this Lease the Authority's interest in certain real property described on EXHIBIT A attached hereto (the "Site"), together with the fire hall, structures and improvements constructed and to be constructed thereon and certain equipment to be contained therein (the "Facilities"); and WHEREAS, the development of the Site and the Facilities is consistent with and furthers the economic development functions of the Authority; and WHEREAS, the Authority is willing to acquire a leasehold interest in the Site pursuant to a Ground Lease, dated as of June 1, 2015 (the "Ground Lease"), between the City, as lessor, and the Authority, as lessee, and to acquire title to the Facilities and to lease and sell the Site and the Facilities to the City, pursuant to this Lease; and WHEREAS, to provide funds for the acquisition, construction and equipping of the Facilities, including certain public infrastructure necessary for the fire hall, the Authority will issue its Lease Revenue Bonds, Series 2015 (City of Lino Lakes, Minnesota Lease Obligation) (the "Bonds"), in the original aggregate principal amount of $4,430,000, pursuant to a resolution adopted by the Authority on March 23, 2015 (the "Bond Resolution"); and NOW, THEREFORE, in the joint and mutual exercise of their powers, and in consideration of the mutual covenants herein contained, the parties hereto recite and agree as follows: 460515v2 JAE LN140-112 (The remainder of this page is intentionally left blank) 1