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EXECUTION AND DELIVERY OF A GROUND LEASE AGREEMENT <br />PERTAINING TO FIRE STATION #2 <br /> By: City Administrator James E. Norman <br /> <br />Background: <br /> <br />The Economic Development Authority of the City of Ramsey has been asked to issue <br />bonds for the construction of Fire Station #2. The type of bonds to be issued are known <br />as lease revenue bonds, as the EDA acts as a lessor to the City of Ramsey, the lessee. <br />The EDA awarded the sale of the lease revenue bonds earlier this evening of November <br />23, 1999. The EDA is listed as the bond issuer, with the bond proceeds to be used for the <br />construction of Fire Station #2. The Authority will act on behalf of the City of Ramsey, <br />and be the sole issuer. <br /> <br />As the Economic Developer is considered the lessor in the Fire Station Project the City of <br />Ramsey must enter into a lease purchase agreement with the EDA, whereas the EDA will <br />provide for the construction of Fire Station #2 which will be utilized by the City. <br /> <br />The City will ground lease the Fire Station #2 to the EDA pursuant to a ground lease <br />agreement executed by the City and the EDA will lease back the Fire Station #2 to the <br />City, pursuant to the lease. <br /> <br />Recommendation: /~x~ \~'~ <br />Adopt resolution authorizinbCqlw.c'~ecution and delivery of a ground lease agreement, <br />lease agreement and continuing disclosure agreement; <br />exception authority. <br /> <br /> <br />