HomeMy WebLinkAbout00-04CERTIFICATION OF MINUTES RELATING TO LEASE
AGREEMENT BETWEEN LEASE FINANCE GROUP, INC. AND
INDEPENDENT SCHOOL DISTRICT NO. 194
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 Mon. , May 15 2000, at 7
o'clock p.m., at the City Hall
Members present: Johnson, Zaun, Sindt, Mulvihill, Luick
Members absent: N/A
Documents Attached:
Minutes of said meeting, including:
RESOLUTION NO. 2000-4
RESOLUTION RELATING TO LEASE AGREEMENT BETWEEN LEASE
FINANCE GROUP, INC. AND INDEPENDENT SCHOOL DISTRICT NO. 194;
AUTHORIZING THE EXECUTION OF A GROUND LEASE AGREEMENT;
APPROVING A FORM OF LEASE AGREEMENT
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 officer on May 15, 2000.
Executive Director
Member Johnson introduced the following resolution and moved its adoption,
which motion was seconded by Member
Sindt
RESOLUTION RELATING TO LEASE AGREEMENT BETWEEN LEASE
FINANCE GROUP, INC. AND INDEPENDENT SCHOOL DISTRICT NO. 194;
AUTHORIZING THE EXECUTION OF A GROUND LEASE AGREEMENT;
APPROVING A FORM OF LEASE AGREEMENT
WHEREAS, the Housing and Redevelopment Authority of the City of Lakeville,
Minnesota (the Authority) proposes to undertake a project under the Housing and
Redevelopment Act, Minnesota Statutes, Sections 469.001 through 469.047 (the Act), consisting
of acquiring certain land and the building located thereon, and further proposes to lease the land
and the existing building to Lease Finance Group, Inc. (the Corporation), pursuant to a Ground
Lease Agreement (the Ground Lease); the Corporation has 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,
and to grant to the District an option to purchase the Project pursuant to the terms and conditions
of the Lease; and
WHEREAS, forms of the Lease and the Ground Lease (referred to herein together as the
Documents) have been presented to this Board and are 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. Springsted Incorporated, financial advisor to the Authority, has requested
proposals for the lease financing of the Project. The proposals have been opened and considered
and the most favorable proposal received is that of the Corporation.
Section 2. Pursuant to the Lease, the financing of the Project is hereby authorized. The
Project is hereby determined to be in the public interest since it will promote the redevelopment
and use of property within the City of Lakeville (the City) and will assist in providing needed
educational facilities for residents of the City and surrounding area.
Section 3. The proposed Lease Agreement has been presented to this Board, and the form
and terms thereof are hereby approved.
Section 4. The President and Executive Director are hereby authorized and directed to
execute and deliver the Ground Lease in the name and on behalf of the Authority. All of the
provisions of the Documents, 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. The
Documents shall be substantially in the form on file in the office of the Executive Director, with
such necessary and appropriate variations, omissions and insertions as the President and
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Executive Director, in their discretion, shall determine, and the execution of the Ground Lease by
the President and Executive Director shall be conclusive evidence of such determination.
Section 5. 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 Documents and the Escrow
Agreement for the full, punctual and complete performance of all the terms, covenants and
agreements contained herein and in the Documents, including the execution and delivery of
closing certificates and similar documents as may be required by Dorsey & Whitney LLP, as
bond counsel in connection with the lease financing.
Adopted this 15 day of May, 2000.
Upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted.
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