Agenda - Economic Development Authority - 05/24/2005

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Tt~IIS LEASE AGREE1MENT (the "Lease") is dated as of June 1, 2005, and is between the iSconomic Development Authority of the City of Ramsey, Minnesota, a public body corporate and politic, as Landlord (the "Landlord"), whose address is City Hall, 15153 Nowthen Boulevard N.W., Ramsey, Minnesota 55303-6140, and the City ofRamsey, a municipal' corporation and political subdivision of the State of Minnesota, as Tenant (the "Tenant"), whose addm>~s is City Hall, 15153 Nowthen.Boulevard N.W., Ramsey, Minnesota 55303-6 140: WlTNESSETH: WHEREAS, the Tenant is authorized by law to lease real and persona/property as are needed to carry out its govermmenta/functions; and WHEREAS, Tenant has determined that it is necessary for it to lease from Landlord . ~mdcr this Lease certain real and personal property (the "Project") for purpo_ses of financing the Pmjc~;t; and WHEREAS, the Landlord has heretofore established a redevelopment area which includes the property legally described on Exhibit A attached hereto (the "Redevelopment Pro. iect") and has adopted a redevelopment plan (the "Redevelopment Plan") therefor dated May 24, 2005, as approved by a resolution of the Board of Commissioners of the Landlord adopted on May 24, 2005; and WHEREAS, the Project will be located in the Redevelopment Project, and the Landlord's fimmcing and leasing of the Project are in conformance with the Redevelopment Plan; and- WHEREAS, the Landlord is willing to £mance the construction aha equipping of the Project and to lease, or (in the case of the Land) sublease, the Project to.Tenant, and the Tenant is willing to renf the same from Landlord, all pursuant to this Lease. NOW, THEREFORE, in the joint and mutual exercise of their powers, and in consideration of the mutual covenants herein contained, the parties hereto recite and agree as Follows: