HomeMy WebLinkAbout04-02CERTIFICATION OF MINUTES RELATING TO AMENDED
AND RESTATED GROUND LEASE AGREEMENT
Public Body: Housing and Redevelopment Authority of the City of Lakeville, Minnesota
Governing Body: Board of Commissioners
Kind, date, time and place of meeting: A regular meeting held on Monday, March 15,
2004, at 8:25 p.m., at the City Hall
Members present: Bellows, Johnson, Wulff and Rieb
Members absent: Luick
Documents Attached:
Minutes of said meeting, including:
RESOLUTION NO. 04-2
RESOLUTION AUTHORIZING THE PREPARATION,
EXECUTION AND DELIVERY OF AN AMENDED
AND RESTATED GROUND LEASE AGREEMENT TO
FACILITATE THE REFINANCING OF THE FORMER
ALL SAINTS' PROPERTY ON BEHALF OF
INDEPENDENT SCHOOL DISTRICT NO. 194
(LAKEVILLE)
I, the undersigned, being the duly qualified and acting recording officer of the
public body referred to in this certificate, certify that the documents attached hereto, as
described above, have been carefully compared with the original records of the public
body in my legal custody, from which they have been transcribed; that the documents are
a correct and complete transcript of the minutes of a meeting of the governing body of the
public body, and correct and complete copies of all resolutions and other actions taken
and of all documents approved by the governing body at the meeting, insofar as they
relate to the lease agreement referred to in the title of this certificate; and that the meeting
was duly held by the governing body at the time and place and was attended throughout
by the members indicated above, pursuant to call and notice of such meeting given as
required by law.
WITNESS my hand officially as such recording•I.fficer on Wrcr-'� 2004.
Executive
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Member Johnson introduced the following resolution and moved its adoption, which
motion was seconded by Member Wulff -
RESOLUTION AUTHORIZING THE PREPARATION,
EXECUTION AND DELIVERY OF AN AMENDED
AND RESTATED GROUND LEASE AGREEMENT TO
FACILITATE THE REFINANCING OF THE FORMER
ALL SAINTS' PROPERTY ON BEHALF OF
INDEPENDENT SCHOOL DISTRICT NO. 194
(LAKEVILLE)
WHEREAS, the Housing and Redevelopment Authority of the City of Lakeville,
Minnesota (the Authority) has previously entered into a lease of certain land and a
building thereon to Lease Finance Group, Inc. (the Corporation), pursuant to a Ground
Lease Agreement dated as of May 1, 2000 (the Ground Lease); the Corporation agreed to
finance the acquisition and remodeling of said building to be used by Independent School
District No. 194, Minnesota (the District) (the Project), and to lease the Project to the
District pursuant to the terms and conditions of a Lease Agreement (the Lease), between
the Corporation, as lessor, and the District, as lessee, dated as of May 1, 2000, and to
grant to the District an option to purchase the Project pursuant to the terms and conditions
of the Lease; and
WHEREAS, the District has advised the Authority of its desire to refinance the
Lease with Wells Fargo Brokerage Services, LLC (the Lender); and
WHEREAS, the Lender will be substituted for the Corporation as the lessee under
the Ground Lease; and
WHEREAS, an Amended and Restated Ground Lease proposed to be entered into
by and between the Authority and the Lender (the Amended Ground Lease) will be
prepared by Dorsey & Whitney LLP, special counsel to the Authority, and, when
prepared, is hereby ordered to be placed on file in the office of the Executive Director;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Authority, as follows:
Section 1. The Executive Director is hereby authorized to approve the form and
terms of the Amended Ground Lease.
Section 2. The President and Executive Director are hereby authorized and
directed to execute and deliver the Amended Ground Lease in the name and on behalf of
the Authority. All of the provisions of the Amended Ground Lease, when executed and
delivered as authorized herein, shall be deemed to be a part of this resolution as fully and
to the same extent as if incorporated herein.
Section 3. The officers of the Authority are hereby authorized to do all acts and
things required of them by or in connection with this resolution and the Amended Ground
Lease for the full, punctual and complete performance of all the terms, covenants and
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agreements contained herein and in the Amended Ground Lease, including the execution
and delivery of closing certificates and similar documents as may be required by bond
counsel or counsel to the Authority in connection with the amended lease financing.
Adopted this 15th day of March, 2004.
Upon vote being taken thereon, the following voted in favor thereof. Bellows, Johnson,
Wulff and Rieb
and the following voted against the same: N/A
whereupon the resolution was declared duly passed and adopted.
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