HomeMy WebLinkAbout06-02HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF LAKEVILLE, MINNESOTA
RESOLUTION
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RESOLUTION RELATING TO THE THIRD SHEET ICE ARENA PROJECT AND ITS
FINANCING UNDER MINNESOTA STATUTES, CHAPTERS 465, 469, 471 AND 475;
CALLING FOR A PUBLIC HEARING THEREON
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
1.1. Pursuant to the authority granted by Minnesota Statutes, Sections 465.71,
469.012, 469.041, 469.034, 469.035, 471.59, and 475.79, the Authority is authorized to issue to
lease revenue bonds in anticipation of the collection of revenues of a project to finance or
refinance the cost of acquisition, construction, reconstruction, improvement, or extension
thereof. The Authority proposes to issue its lease revenue bonds (the Bonds) for the purpose of
financing a portion or all of the costs of construction of the third sheet ice arena project (the
Project) to be 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, consisting of (i) the financing of costs
of the acquisition of the third sheet ice arena facility located at 8525 215th Street in the City of
Lakeville, Minnesota (the Facility) and (ii) the financing of certain costs of issuance of the
Bonds. The Project will be owned by the Authority and operated by Lakeville Arenas, a joint
powers entity established by that certain Joint Powers Agreement entered into by the City of
Lakeville, Minnesota and Independent School District No. 194, dated as of July 17, 2006. The
Project will be initially owned by the Authority and leased to the City of Lakeville pursuant to a
lease -purchase agreement, and subleased to Lakeville Arenas, a Minnesota joint powers entity,
for operation pursuant to a sublease agreement.
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SECTION 2
Public Hearin
2.1. In compliance with Section 147(f) of the Internal Revenue Code of 1986, as
amended, this Board of Commissioners is required to conduct a public hearing on the Project and
the financing thereof. A public hearing on the proposal to finance the Project and to issue the
Bonds is hereby called and shall be held on October 2, 2006, at 6:45 p.m., at the City Hall, 20195
Holyoke Avenue, in the City of Lakeville, Minnesota.
2.2. The Chairperson or Secretary shall cause notice of the public hearing to be
published in the official newspaper of the City at least once not fewer than fourteen (14) nor
more than thirty (30) days prior to the date fixed for the public hearing. The notice to be
published shall be in substantially the form attached as Exhibit A hereto.
APPROVED AND ADOPTED this 18"' day of September, 2006.
T EST:
Secretary
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HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
LAKEVILLE, MINNESOTA
By:
Chairperson