EDA Minutes 1992.12.14STATE OF MN The EDA of the City of Otsego held
COUNTY OF WRIGHT a meeting this 14 day of December,
CITY OF OTSEGO 1992, during a recess in the
scheduled Council Meeting. Larry
Fournier, President, Norman F. Freske, Doug Lindenfelser,
Floyd Roden and Ron Black, Commissioners, Jerome Perrault,
Secretary, Elaine Beatty, Deputy Secretary, James Barthel,
Acting Treasurer, and Bill Radzwill, Attorney were present.
The meeting was called to order by President Larry
Fournier.
Motion by Ron Black to adopt the Resolution authorizing
the EDA to sell $450,000 of Public Project Revenue Bonds to
the Bank of Elk River at 6% interest with the Bonds'
Principal sums to mature on December 1st of the years 1993
thru 2007, and the Bonds' interest rate to be adjustable on
December 1, 1998 and December 1, 2003 at a rate not to exceed
1% above the current rate of interest on the Bonds.
The motion was seconded by Doug Lindenfelser, all
Commissioners voted in favor of the motion.
The full text of the Resolution is on file in the City
Hall Office and available for inspection.
Motion by Ron Black to approve the Minutes of the
November 18, 1992, EDA Meeting. Seconded by Norman F.
Freske, all Commissioners voted in favor of the motion.
Motion by Ron Black to approve the Minutes of the
November 23, 19920 EDA Meeting. Seconded by Doug
Lindenfelser, all Commissioners voted in favor of the motion.
Motion by Ron Black to approve the Lease with Option to
purchase agreement between the EDA (as Lessor) and the City
of Otsego (as Lessee) whereby the Lessee agrees to pay all
principal and interest on the Bonds issued for construction
of the building as rental payments on the building, the
Lessee agrees to pay all operating costs of the building and
pay for and maintain all Insurance coverage for the building
with the option to purchase the building upon completion of
rental payments. Seconded by Floyd Roden, all Commissioners
voted in favor of the motion.
The full text of the "Lease With option to Purchase
Agreement" is on file in the City Hall Office and available
for inspection.
On motion the EDA Meeting adjourned.
NORMAN F. FRESKE, MAYOR DOUC LINgENFELSER, COUNCIL
FLOYD RODEN, COUNCIL LARRY FOURNIER, COUNCIL
RON BLACK, COUNCIL
Attest: Jerome Perrault
JP/jeh