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BRIGG$ ~ 1YIORG~.N <br /> Diana Lun~ <br /> October $, 1999 <br /> Page 4 <br /> <br />As a part ora redevelopment project, an Economic Development Authority is authorized to <br />construct public facilities. <br /> <br />You had asked the 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: Minnesota Statutes, Section 469.001 to 06~ is the statutory authority for the <br />undertaking ora redevelopment project and the issuance of revenue bonds for the <br />redevelopment project. Minnesota Statutes, Section 465.71 is the statutory authority for <br />the acquisition of the £~re station pursuant to a Lease of Option to Purchase Agreement. <br />have set the ~rms and conditions of these laws above. <br /> <br />2. Question: "Who prepared Resolutions and redevelopment plan?" <br /> <br />A_~swer: Our office at the direction of Springs'ted prepared the Resolutions and the <br />redevelopment plan. The Resolution sets forth the find. ings that must be made. The <br />redevelopment plan was presented as a draft only. The redevelopment plan was patterned <br />after other redevelopment plans used for other revenue bonds. This Plan ~ould be <br />reviewed by City staff and should be modified to reflect the facts particular to the Ci~' of <br />Ramsey. <br /> <br />Question: "What does an Economic Development Au~ority resolution establisb2rrg a <br /> ~.. <br />Redevelopment project with development boundaries and identifying a £rre station project <br />commit the Economic Development Authority or the City to do." <br /> <br />Am~ver: The redevelopment plan is the document which establishes the statutory <br />authority for the Economic Development Authority to issue the revenue bonds. The <br />redevelopment plan does not obligate the Economic Development Authority to issue <br />revenue bonds nor the City to enter into a lease for the fire station. However, the City. <br />determines to enter into a lease with the Economic Development Authority to finance a <br />fire station and the Economic Development Authority determines to act as lessor and <br />issue revenue bonds, additional resolutions and a lease must be prepared for the City <br />Council and ~e Economic Development Authority's approval. <br /> <br />Answer: "How can building a fire station on vacant agricultural land be considered a <br />redevelopment?" <br /> <br />1094262.1 <br /> <br /> <br />