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16-03 - 04-12 - Approve Lease for Community Center Resolution 16-03 April 12, 2016 Commissioner Harris introduced the following resolution and moved its adoption: RESOLUTION APPROVING THE ISSUANCE OF LEASE REVENUE OBLIGATIONS (COMMUNITY CENTER PROJECT), SERIES 2016 BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Golden Valley (the "Authority"), as follows: WHEREAS, the Authority is authorized by Minnesota Statutes, Section 469.012, subdivision 1 h, to undertake redevelopment projects; and WHEREAS, the Authority is authorized by said section and Section 471.64 to make any of its land in a redevelopment project available for use by public agencies by sale, lease or otherwise; and WHEREAS, the Authority proposes to undertake a project (the "Project") consisting of the construction of a new community center facility located adjacent to the existing community center on land in the City of Golden Valley, Minnesota (the "City"), and WHEREAS, it is proposed that the Authority issue its lease revenue obligations (the "Obligations") pursuant to Minnesota Statutes, Section 469.033 for the purpose of financing all or a portion of the costs of the Project; and WHEREAS, the Obligations will be payable from lease payments received under a Lease Purchase Agreement (the "Lease"), between the Authority and the City, and no Bonds shall constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall the full faith, credit and taxing powers of the Authority be pledged thereto; and WHEREAS, under the Lease, the City is to pay to the Authority sufficient money each year to pay the principal of, premium, if any, and interest on the Obligations, and the City is to provide the cost of maintaining the Project in good repair, the cost of keeping the Project properly insured, and any payments required for taxes and any expenses incurred by the Authority in connection with the Project; and WHEREAS, the Authority understands that the City plans to seek additional funding including donations to help defray their costs; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority, as follows: Section 1 Authorization and Sale. 1.1 This Board acknowledges, finds, determines and declares that it is in the best interests of the Authority to undertake the Project and to issue the Obligations in an amount not to exceed $18,500,000. Resolution 16-03 - Continued April 12, 2016 1.2 Sale. The Authority has retained Springsted Incorporated ("Springsted") as independent financial advisor in connection with the sale of the Obligations. In consultation with staff of the Authority and City, Springsted has recommended the Authority negotiate the sale of the Obligations with an underwriter (the "Underwriter"), and that the Underwriter be chosen through a competitive selection process. The Chair and Authority Director are authorized to proceed with the selection of an underwriter through a competitive selection process and approve such other matters relating to the terms and the timing of sale thereof as may be necessary and shall oversee the preparation of an Official Statement and other offering documents to be negotiated with the Underwriter. The law firm of Dorsey & Whitney LLP, in Minneapolis, Minnesota, is hereby appointed as bond counsel for purposes of this issue of Obligations. Section 2. Lease Agreement; Other Documents. Bond counsel is authorized to prepare forms of the Lease, ground lease and any other documents necessary in connection with the issuance of the Obligations (the "Documents"). The officers of the Authority are hereby authorized to do all acts and things required of them by or in connection with this Resolution and the Lease for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Obligations, the Lease and this Resolution. The Chair and Authority Director are authorized to approve the execution and delivery of the Documents and the Obligations. The Chair and Authority Director are authorized to approve the Official Statement by which the Underwriter will offer the Obligations for sale to the public. The Chair and Authority Director are also authorized and directed to execute such other instruments as may be required to give effect to the transactions herein contemplated. -0�,I� St ven T. Schmidgall, Chair ATTEST: 14 Timo h J. Cruikshank, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner Clausen, upon a vote being taken thereon, the following voted in favor thereof: Schmidgall, Clausen, Fonnest, Harris and Snope; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Executive Director.