HomeMy WebLinkAboutResolution - HRA 2012-01 - Conveying Property from HRA to City of Eden Prairie (Community Center Project) - 04/17/2012 HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF EDEN PRAIRIE
COUNTY OF HENNEPIN
STATE OF MINNESOTA
H.R.A. RESOLUTION NO. 2012-01
A RESOLUTION CONVEYING CERTAIN PROPERTY FROM THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE
(AUTHORITY) TO THE CITY OF EDEN PRAIRIE (CITY) AND TERMINATING THE
LEASE WITH THE CITY
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Eden Prairie, Minnesota, as follows:
RECITALS
WHEREAS, in order to finance and refinance the acquisition, construction and
rehabilitation of a community center facility and a city hall facility (collectively, the Project), the
City requested the Authority issue various bonds; and
WHEREAS, the Authority issued its Lease Revenue Bonds (Community Center Project),
Series 1992A, its Lease Revenue Bonds (City Hall Project), Series 1992B, and its Lease
Revenue Bonds (City Hall Project), Series 1993A to finance the Project; and
WHEREAS, the Authority issued its Lease Revenue Refunding Bonds (City Hall and
Community Center Projects), Series 2002A and its Lease Revenue Refunding Bonds (City Hall
and Community Center Projects), Series 2009A to refinance the Project.
WHEREAS, the City and the Authority entered into that certain Lease Agreement dated
December 1, 1992 for the Project (the 1992 Lease), pursuant to which the City agreed to lease
the Project from the Authority upon the terms and conditions set forth therein, and pursuant to
which the Authority agreed to sell the Project to the City and the City agreed to purchase the
Project from the Authority upon the terms and conditions set forth therein; and
WHEREAS, when the Project was refinanced in 2002 and 2009, the 1992 Lease was
replaced with that certain Lease-Purchase Agreement dated February 1, 2002, and that certain
Lease-Purchase Agreement dated February 1, 2009 (the 2009 Lease), respectively, which Lease-
Purchase Agreements were in form and substance substantially the same, including the
termination provision; and
WHEREAS, Section 5.3(d) of the 2009 Lease provides that the Lease will terminate upon
the payment by the City of the Purchase Price; and
WHEREAS, Section 5.4 of the 2009 Lease provides, among other things, that upon
termination of the Lease pursuant to Section 5.3(d), the Authority shall convey to the City all of
the Authority's right, title and interest in the Project by quit claim deed and bill of sale; and
WHEREAS, the City has made all of the payments required, and thereby paid the
Purchase Price.
NOW THEREFORE, THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF EDEN PRAIRIE HEREBY ORDAINS AS FOLLOWS:
1. All of the Recitals set forth above are incorporated herein.
2. The Lease between the Authority and the City made pursuant to Section 5.3(d) of
the Lease is terminated.
3. The Authority hereby authorizes the Chari and Executive Director to execute and
tender a quit claim deed and bill of sale conveying to the City of Eden Prairie all
of the Authority's right, title and interest in the Project.
ADOPTED by the Housing and Redevelopment Authority in and for the City of Eden Prairie
this 17th day of April, 2012.
anc yra-Aens�,' Chair
ATTEST:
AJ
RikIGAetschow, Executive Director
CERTIFICATION
1, Rick Getschow, Executive Director of the Housing and Redevelopment Authority in and for
the City of Eden Prairie, County of Hennepin, Minnesota, hereby certify that the foregoing is a
true and correct copy of the H.R.A. Resolution No. 2012-01 passed by the Authority on the 17th
day of April, 2012.
A,
Executive Director