26-63 - Resolution - EDA Ground Lease

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO.26-63 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE, LEASE -PURCHASE AGREEMENT, AND RELATED DOCUMENTS WITH THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: 1. Background. (a) The Lino Lakes Economic Development Authority (the "Authority") is an economic development authority formed by resolution of the City Council of the City of Lino Lakes, Minnesota (the "City") under the provisions of Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "EDA Act"). The Authority is authorized to issue revenue bonds pursuant to Section 469.103 of the EDA Act and Minnesota Statutes, Chapter 475, as amended (collectively, the "Act"). The City is authorized by Minnesota Statutes, Section 465.71, as amended, to acquire real and personal property under lease - purchase agreements. (b) Pursuant to the Act, the EDA has formed Economic Development District No. 2 (the "Development District") and has adopted an Economic Development Program (the "Development Plan") for the Development District which sets forth development objectives for the Development District. A major objective of the Development District is to foster the development of adequate public facilities necessary to serve the Development District. (c) The City and the Authority have determined that it is in the best interests of the City and its residents that the City undertake the acquisition, construction, and equipping of a new public works building (the "Facilities") to be located in the City (the "Site"). (d) The Authority has proposed to finance the Facilities through the issuance and sale by the Authority of its Lease Revenue Bonds (City of Lino Lakes, Minnesota Public Works Facility Lease), Series 2026A (the "Bonds"), in the original aggregate principal amount of $26,185,000, pursuant to the Act. On March 23, 2026, the City Council approved the issuance of the Bonds by the Authority in accordance with the terms to be approved by the Board of Commissioners of the Authority in a resolution to be considered on the date hereof. (e) Forms of the following documents have been presented before the City Council: (i) a Ground Lease(the "Ground Lease") between the City, as lessor, and the Authority, as lessee, pursuant to which the Authority will lease the Site from the City; and (ii) a Lease -Purchase Agreement (the "Lease") between the Authority, as lessor, and the City, 4910-3727-1958.3