Title
Authorizing the issuance and negotiated sale of a Taxable Lease Revenue Note, Series 2014; delegating to a Pricing Committee the authority to set the terms thereof within parameters set forth in this Resolution; fixing the form and specifications of the Note; approving the forms of a Loan Agreement, a Stadium Clubhouse Lease, an Assignment of Stadium Clubhouse Lease and other related documents; and directing the execution and delivery of the Note and related documents.
Body
WHEREAS, the Office of Financial Services has recommended that the City issue its Taxable Lease Revenue Note, Series 2014 (the "Note"), in the original aggregate principal amount of $1,500,000 pursuant to the City Charter and Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act");
WHEREAS, BMO Harris Bank N.A., a national banking association (the "Lender") will loan the proceeds derived from the sale of the Note to the City under the terms of a Loan Agreement, to be dated on or after September 1, 2014 (the "Loan Agreement"), between the City and the Lender (the "Loan"); and
WHEREAS, the proceeds of the Note will be applied by the City for the purpose of: (i) funding the installation and construction of a locker room (the "Locker Room") to be occupied by Hamline University (the "Tenant" or "Hamline") at the City's new regional ballpark (the "Ballpark") owned by the City that is a municipal stadium as set forth in Minnesota Statutes, Section 272.01, as amended (the "Project"); and (ii) paying a portion of the cost of the Ballpark;
WHEREAS, the Tenant will lease the Locker Room from the City under the terms of a Stadium Clubhouse Lease, dated on or after September 1, 2014 (the "Lease"), between the City and the Tenant and the City will assign its rights under the Lease, subject to certain reserved rights, to the Lender under the terms of an Assignment of Lease, dated on or after September 1, 2014 (the "Assignment of Lease"), from the City to th...
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