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The issuance of debt through the EDA requires that a lease agreement be established <br />between the EDA of the City of Ramsey and the City of Ramsey. Whereas, the EDA will <br />be the "Landlord" and The City of Ramsey will be considered the "Tenant". <br /> <br />The EDA met at a special meeting this morning to consider the authorization of the <br />issuance of $19,200,000 Public Project. Lease Revenue Bonds to be'used for the <br />construction of the new Municipal Center and the execution and delivery of a ground <br />lease agreement and lease agreement with the City. The vote was ~ for the issuance <br />of the Lease Revenue Bonds and the execution of the ground lease/lease agreement. <br /> <br />Whereas, the EDA authorizes the issuance of the bonds, the final approval is controlled <br />by the City Council, for if a lease agreement is not authorized, no bonds will be issued for <br />the project." <br /> <br />With the adoption of the attached Resolution the City Council will be authorizing the <br />execution and delivery of a ground lease agreement, lease agreement and continuing <br />disclosure undertaking. It should be noted that all of these documents have been <br />prepared and reviewed by Briggs and Morgan, which is the City's Bond Council, <br />reviewed by the City's Financial Consultant and forwarded to the City's attorney for <br />review. <br /> <br />Council Action: Motion to authorize the adoption of Resolution #05-05-XXX <br />authorizing the execution and'delivery of a ground lease agreement, lease agreement and <br />continuing disclosure undertaking. <br /> <br />EDA: 5/24/05 <br /> <br />-230- <br /> <br /> <br />