Agenda - Economic Development Authority - 02/10/2011

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EXTRACT OF MINUTES OF A MEETING OF THE BOARD OF COMMISSIONERS ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF RAMSEY, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the Board of Commissioners of the Economic Development Authority of the City of Ramsey, Minnesota, located in the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall on February 10, 2011, commencing at 7:30 A.M. The following Commissioners were present: and the following were absent: Commissioner introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING THE RELEASE OF UNIMPROVED LAND WHEREAS, the Economic Development Authority of the City of Ramsey, Minnesota (the "Authority "), as Lessor, entered into that certain Lease Agreement, dated as of June 1, 2005, with the City of Ramsey, Minnesota (the "City "), as Lessee (the "Lease ") in connection with the Authority's issuance of its $19,200,000 Public Project Lease Revenue Bonds (City of Ramsey, Minnesota Lease Obligations), Series 2005A, dated June 1, 2005 (the "Bonds"). The proceeds of the Bonds were issued to finance the acquisition, construction, and equipping of a municipal center, consisting of a city hall, administration facilities, police facilities and related parking facilities (the "Project"). The City leased the land on which the Project was constructed to the Authority pursuant to a Ground Lease Agreement, dated as of June 1, 2005 (the "Ground Lease "). The Authority leased the Project to the City pursuant to the Lease. WHEREAS, the City is proposing to release from the Lease the unimproved land described on Exhibit A attached hereto pursuant to Sections 8.6 and 8.7 of the Lease. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Ramsey, Minnesota, as follows: 1. The Authority hereby consents to and authorizes the release of the unimproved land described on Exhibit A attached hereto. Exhibit A attached to the Ground Lease and the Lease, after the release of the unimproved land, shall be described as set forth on Exhibit B attached hereto. 2. The Chair and the Vice Chair are hereby authorized to execute and deliver such documents as may be required to effectuate such release. All of the provisions of such documents, when executed and delivered as authorized herein, shall be deemed to be part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect according to the terms thereof from the date of execution and delivery thereof. In the absence of the Chair or Vice Chair any of the documents authorized by this resolution to be executed by the Acting Chair or the Acting Vice Chair, respectively. 3086711v1