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Dhna Lurid <br />October <br />P~ge 4 <br /> <br />As a part cfa redevelopment project, mu Economic Development Authority is authorized to <br />construct public facilit/es. <br /> <br />You had asked thc following questions: <br /> <br />Question: "What are the related state statute requirements for the term and <br />conditions in the plan or lease?" <br /> <br />Answer: Minn~ota Statutes, Section 469.001 to 06~ is the statutory authority for the <br />undertaking cfa redevelopment project and the issuance of revenue bonds for the <br />redevclopment project M~nncsota Statutes, Section 465.71 is the statutory authority for <br />the acq~sidon of the fire station pursuant to a Lease of Opdon to Purchase Agreement. l <br />have set the terms and conditions of these laws above. <br /> <br />Question: "Who prepared Kcsolutfons and redevelopment plan?" <br /> <br />Answer:. Our office at the direction of Spr~sted prepm'ed the Resolutions and the <br />redevelopment plan, The R.esoludon set~ forth the findings that must be made. Thc <br />redevelopment plan was presented as a dm~ only. The redcvelopmcnt plan was pattemed <br />after other redevelcrpment plates used for other revenue bonds. This Plan should be <br />reviewed by City staffand should be modified to reflect the facts part/eular ~o the City of <br />P,~m.¢ey. <br /> <br />Question: "What does au Economic Development Autkority resolution establishing a , .,. . <br />Redevelopment project with development boundaries md identifying a fire station proj~t <br />commit the Economic Development Authority or the City to do." <br /> <br />Answer: The redevelopment plan is the document wkich estab!{shes the statutory <br />authority :for the Economic Development Authority to issue the revenue bonds. The <br />redevelopment plan does not obligate the Economic Developmsnt Authority to issue <br />reveaue bonds nor the City to enter into a lease for the fire station. However, the Ci,ty <br />determines to enter into a lease with the Economic Development Authority to firm,nee a <br />fi_re station and the Economic Development Authority determines to act as lessor mad <br />issue revenue bonds, additional resolutions and a lease must be prepared for the City <br />Council and the Economic Development Authority's approval. <br /> <br />Answer: "How can building 'a fire station on vac2m agricultural land be considered a <br />redevelopmcur?." <br /> <br /> I <br /> I <br />I <br />I <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br /> <br />