HomeMy WebLinkAbout16-03HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION
Date July 5, 2016 Resolution No.
Motion By Davis Seconded By
16-03
Swecker
RESOLUTION APPROVING THE REFINANCING OF THE THIRD SHEET
ICE ARENA PROJECT AND THE ISSUANCE OF LEASE REVENUE
REFUNDING BONDS UNDER MINNESOTA STATUTES, CHAPTERS 465,
469,471 AND 475 THEREFOR
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment
Authority of the City of Lakeville, Minnesota (the Authority), as follows:
Section 1. Recitals. Pursuant to notice duly published in accordance with Section 147(f)
of the Internal Revenue Code of 1986, as amended (the Code), a public hearing was held on
July 5, 2016, on the proposal that the Authority issue its lease revenue bonds in an aggregate
principal amount not to exceed $8,100,000 (the Bonds), under Sections 465.71, 469.012,
469.041, 469.034, 469.035, 471.59, and 475.79, as amended, for the purpose of refinancing the
Authority's Lease Revenue Bonds (Ice Arena Project), Series 2006, dated, as originally issued,
as of December 1, 2006 and issued in the original principal amount of $9,230,000 (the Refunded
Bonds). The Refunded Bonds were issued for the purpose of financing a portion or all of the
costs of construction of the third sheet ice arena facility (the Facility) located at 8525 215th
Street in the City of Lakeville, Minnesota (the City) used for the benefit of qualified 501(c)(3)
organizations, including but not limited to the Lakeville Hockey Association, other hockey and
figure skating associations, the general public, the City, and Independent School District No.
194. The Facility will be owned by the Authority, leased to the City pursuant to a lease -purchase
agreement, and subleased to Lakeville Arenas, a Minnesota joint powers entity, for operation
pursuant to a sublease agreement.
Section 2. Authorization and Approval. Solely for purposes of Section 147(f) of the
Code, the Authority hereby approves the issuance of the Bonds in a principal amount not to
exceed $8,625,000 by the Authority to refinance the Project. Notwithstanding the foregoing,
however, the adoption of this resolution shall not be deemed to establish any obligation on the
part of the Authority, the City or this Board to cause the issuance of the Bonds. The Bonds, if
issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property
of the City or the Authority.
Section 3. Appointment of Underwriter. The Bonds authorized hereby shall be sold to
Piper Jaffray & Co., of Minneapolis, Minnesota (the Purchaser). The officers of the Authority
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are authorized, in cooperation with the Purchaser and Springsted Incorporated, to prepare an
Official Statement to be distributed to prospective purchasers of the Bonds.
APPROVED AND ADOPTED this 5h day of July, 2016.
ATTEST:
Secretary
HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF LAKEVILLE,
MINNESOTA
Chairperson