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• Councilmember Sparks introduced the following resolution and moved its
<br /> adoption, which motion was seconded by Councilmember N/A
<br /> RESOLUTION NO. 03-040
<br /> RESOLUTION AUTHORIZING THE EXECUTION OF A
<br /> GROUND LEASE AND A LEASE AGREEMENT PROVIDING
<br /> FOR THE ACQUISITION, CONSTRUCTION AND
<br /> FURNISHING OF A PUBLIC WORKS FACILITY AND A FIRE
<br /> STATION AND THE LEASE THEREOF BY THE CITY, AND
<br /> APPROVING THE FORM OF A RESOLUTION AND AN
<br /> OFFICIAL STATEMENT
<br /> WHEREAS, the City of St. Anthony (the "City") desires to provide adequate facilities for
<br /> maintenance and public safety; and,
<br /> WHEREAS, pursuant to Minnesota Statutes, Sections 465.71 and 471.64, the City is
<br /> authorized to enter into leases of real property, with an option to purchase, provided that the City
<br /> retains the right to cancel said lease-purchase contract at the end of any fiscal year during its
<br /> term; and,
<br /> WHEREAS, pursuant to said statutory authority, the City proposes to enter into a Lease
<br /> Agreement, dated as of July 1, 2003 (the "Lease"), with the Housing and Redevelopment
<br /> • Authority of the City of St. Anthony (the "Authority"), as lessor, and the City, as lessee,
<br /> pursuant to which the Authority will acquire, construct and furnish a public works facility and a
<br /> fire station(the "Facilities"), and the City will lease the Facilities from the Authority; and,
<br /> WHEREAS, the Authority (a) authorized the sale of its $5,530,000 Public Facilities
<br /> Lease Revenue Bonds, Series 2003 (City of St. Anthony, Minnesota Lease Obligation) (the
<br /> "Bonds"), to finance the cost of acquiring, remodeling, renovating and furnishing the Facilities
<br /> pursuant to action of the Board of Commissioners of the Authority on , 2003 and
<br /> (b) proposes to adopt a final resolution awarding the sale of the Bonds on May 28, 2003 (the
<br /> "Bond Resolution);
<br /> WHEREAS, a form of the Lease and the Bond Resolution have been submitted to and
<br /> reviewed by this Council, along with the form of a proposed Ground Lease, to be dated as of
<br /> July 1, 2002 (the "Ground Lease"), between the City, as lessor, and the Authority, as lessee,
<br /> pursuant to which the City will ground lease to the Authority the real estate upon which the
<br /> Facilities are located (as permitted by Minnesota Statutes, Section 465.035).
<br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony
<br /> that the City hereby approves the form of the Lease and Ground Lease and the Mayor and City
<br /> Manager are authorized and directed to execute, attest and deliver the Lease and Ground Lease
<br /> on behalf of the City. All of the provisions of the Lease and Ground Lease, when executed and
<br /> delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the
<br /> same extent as if incorporated verbatim herein and shall be in full force and effect from the date
<br /> • of execution and delivery thereof. The Lease and Ground Lease shall be substantially in the
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