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1998.07.20 RESO 1998-0024
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1998.07.20 RESO 1998-0024
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City Council
Document Type
Resolutions
Meeting Date
7/20/1998
Meeting Type
Regular
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INTRODUCTION <br />A. Definitions <br />Each of the words and terms defined in this Section shall for all purposes of the Plan, have the <br />meanings given to them in this Section: <br />I . "Authority or EDA" means the Economic Development Authority of the Hugo, MN also <br />the "EDA." <br />2. "Bond Resolution" means any and all resolutions, ordinances, trust indentures or other <br />documents under which any Bonds are sold, issued or secured. <br />3. "Bonds" means the Public Project Revenue Bonds, Series 1998D and any other <br />obligations issued by the Authority or the City, the principal of and interest on which are <br />payable in whole or in part out of the lease payments funded from revenue of the project <br />to finance or provide for the payment of the Project Costs. <br />4. "City" means the City of Hugo, Minnesota. <br />5. "Land" means the property on which the Project is to be constructed. <br />6. "Plan" means the Redevelopment Plan for the Project Area as approved and as <br />supplemented and amended from time to time by the Board of Commissioners of the <br />Authority and the City Council. <br />7. "Project" means fire stations and related facilities to cause to be constructed by the EDA <br />and sold to the City under a lease purchase agreement. <br />8. "Project Area" means the Redevelopment Project Area defined and designated by this <br />Plan. <br />9. "Project Costs" means the total amount expended and to be expended by the Authority <br />on Redevelopment Activities as provided in this Plan. <br />10. "Redevelopment Activities" means all actions taken or to betaken by the Authority in <br />establishing, implementing and carrying out the Project. <br />B. Intent and Statement of Need <br />The EDA of the City of Hugo proposes to cause to be constructed a municipal fire station in <br />conjunction with the development of the Bald Eagle Industrial Park. The City will lease the <br />Project from the EDA with an option to purchase pursuant to a lease and option to purchase <br />agreement. Bonds in the principal amount not to exceed $1,165000 are proposed to be sold by <br />the EDA to finance the acquisition and construction of the Project. The Bonds will be secured <br />by the payments to be made by the City under the lease and option to purchase agreement. <br />Redevelopment Plan For Redevelopment Project Area No. I Page 1 <br />
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