EDA 24-1 Declaring Release of Interest in the West Side Fire FacilitiesSHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION EDA 24-1
A RESOLUTION DECLARING RELEASE OF INTEREST IN THE WEST SIDE FIRE FACILITIES
WHEREAS, in 2002 the Shorewood Economic Development Authority facilitated the
construction financing of the West Side Fire Facilities, located at 24100 Smithtown Road in
Shorewood, Minnesota, through lease revenue bonds; and
WHEREAS, the Shorewood Economic Development Authority entered into various agreements
which are detailed in the attached Declaration of Release of Property Interest (West Side Fire
Facilities); and
WHEREAS, the bonds have been retired and all costs associated with the acquisition and
construction of the site and facilities have been paid.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Shorewood Economic
Development Authority that the Economic Development Authority hereby:
1. Approves the attached Declaration of Release of Property Interest hereby forever
releasing all rights, title and interest in the West Side Fire Facilities in the favor of the
City of Shorewood; and
2. Authorizes the Executive Director to take all actions necessary, including the execution
of documents on behalf of the Authority, to vest in the City all of the Authority's right,
title, and interest in and to the West Side Fire Site and Facilities.
Adopted by the Board of the Economic Development Authority in and for the City of
Shorewood, Minnesota this 28th day of October 2024.
jeriKifer Labadie, President
Attest:
Marc Nevinski, Executive Director
(reserved for recording information)
DECLARATION OF RELEASE OF PROPERTY INTEREST
TO CITY OF SHOREWOOD
(West Side Fire Facilities)
This DECLARATION OF RELEASE OF PROPERTY INTEREST is granted this
day of , 2024, by the ECONOMIC DEVELOPMENT AUTHORITY OF THE
CITY OF SHOREWOOD, a public body corporate and politic and political subdivision of the State
of Minnesota ("Authority").
RECITALS
A. The Excelsior Fire District ("EFD"), and the South Lake Minnetonka Police
Department ("SLMPD"), each one a Minnesota joint powers entity pursuant to Minnesota Statutes §
471.59, are the fee owners of certain real property located in the City of Shorewood, County of
Hennepin, State of Minnesota, which is located at 24150 Smithtown Road, and is legally described
as Lot 2, Auditor's Subdivision 133, Hennepin County, State of Minnesota (PID: 3311723110003)
(the "Property")
B. On September 1, 2002, the Authority, as Lessee of the Property, entered into that
certain Ground Lease (West Side) Agreement with the EFD and the SLMPD, collectively as Lessor
of the Property, which Ground Lease (West Side) was filed of record in the Office of the Hennepin
County Recorder on November 8, 2002, as Document No. 7857053 (the "Ground Lease").
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C. The Ground Lease has been amended, as reflected in the documents filed of record in
the Office of the Hennepin County Recorder as Document Nos. 8128546, 8975090, and A 10293265.
D. On September 1, 2002, the Authority, as Lessor of the Property, entered into that
certain Lease Purchase Agreement (West Side Fire Facilities) with the City of Shorewood, a
Minnesota municipal corporation ("City"), as Lessee of the Property, which Lease Purchase
Agreement (West Side Fire Facilities) was filed of record in the Office of the Hennepin County
Recorder on November 8, 2002, as Document No. 7857054 (the "Lease Purchase Agreement")
E. The Lease Purchase Agreement has been amended, as reflected in the documents filed
of record in the Office of the Hennepin County Recorder as Document Nos. 8125548, 8975091, and
A10293266.
F. Pursuant to Section 4.1 of the Lease Purchase Agreement, as amended, the City leased
and purchased the Authority's interest in the Site and the Facilities, as each is defined in the Ground
Lease and the Lease Purchase Agreement.
G. On September 1, 2002, the City, as Lessor of the Site and Facilities, entered into that
certain Sublease Purchase Agreement (West Side Fire Facilities) with the EFD, as Lessee of the Site
and Facilities, which Sublease Purchase Agreement (West Side Fire Facilities) was filed of record in
the Office of the Hennepin County Recorder on November 8, 2002, as Document No. 7857055 (the
"Sublease Purchase Agreement").
H. Pursuant to the Sublease Purchase Agreement, the EFD assumed all of the City's
duties and responsibilities under the Lease Purchase Agreement, and acquired an option to purchase
from the City all of the City's interests in the Facilities on the same terms as set forth in the Lease
Purchase Agreement.
L Pursuant to the Lease Purchase Agreement, as amended, the Authority issued certain
Lease Revenue Bonds for the purpose of providing funds necessary for the acquisition and
construction of the Site and the Facilities.
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J. Pursuant to Section 5.3 of the Lease Purchase Agreement, as amended, upon (i)
payment of all required Lease Payments and Additional Lease Payments, and (ii) defeasance of the
Lease Revenue Bonds, "the Authority's interest, right, and title to the Site and the Facilities shall pass
to the City, and the Authority shall have no further interest therein."
K. Pursuant to Section 5.5 of the Lease Purchase Agreement, as amended, upon
satisfaction of (i) and (ii) above, "the purchase of the Authority's interest in the Site and the Facilities
by the City shall be deemed to have been completed. The Authority shall thereupon deliver to the
City such instruments of conveyance or release as, in the opinion of the City, may be necessary to
release the interests of the Authority ... in the Site and Facilities."
L. As of February 1, 2023, the payment of all Lease Payments and Additional Lease
Payments was completed, as required by the Lease Purchase Agreement.
M. As of February 1, 2023, all Lease Revenue Bonds issued in relation to the acquisition
and construction of the Site and the Facilities have been retired, and all costs associated with the
acquisition and construction of the Site and the Facilities have been paid.
N. Accordingly, the City's acquisition of the Authority's interest in the Site and Facilities
is complete, but for the delivery of the necessary instruments of conveyance from the Authority to the
City.
O. This DECLARATION OF RELEASE OF PROPERTY INTEREST (West Side
Fire Facilities) is made by the Authority for the purpose completing the conveyance of the
Authority's interests in the West Side Fire Site and Facilities to the City.
P. On October 28, 2024, the Board of Commissioners for the Authority adopted
Resolution EDA 24-1 approving the conveyance and authorizing the Executive Director to take
all actions necessary, including the execution of documents on behalf of the Authority, to vest in
the City all of the Authority's right, title, and interest in and to the West Side Fire Site and
Facilities.
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NOW, THEREFORE, based on the terms and conditions of the Ground Lease, the Lease
Purchase Agreement, the Sublease Purchase Agreement other agreements related to the Site and
Facilities, and Resolution EDA 24-1, the Authority declares the following:
1. Recitals A — P are each true and correct, and are incorporated into and made part of
this DECLARATION OF RELEASE OF PROPERTY INTEREST (West Side Fire Facilities).
2. The Authority hereby forever releases all right, title, and interest in the West Side Fire
Site and Facilities in the favor of the City of Shorewood.
3. This document shall run with the land and shall be filed of record in the Office of the
Hennepin County Recorder upon execution.
[signature page follows]
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DATED this 7r day of , 2024.
ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF SHOREWOOD
By:
Marc Nevinski, Executive Director
(SEAL)
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN }
The foregoing instrument was acknowledged before me this day of
2024, by Marc Nevinski, the Executive Director of Economic Development
Authority of the City of Shorewood, a public body corporate and politic and political subdivision of
the State of Minnesota, on behalf of the Authority, and pursuant to the authority granted by its Board
of Commissioners.
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THIS INSTRUMENT WAS DRAFTED BY:
CAMPBELL KNUTSON
Professional Association
Grand Oak Office Center 1
860 Blue Gentian Road, Suite 290
Eagan, Minnesota 55121
-651-452-5000
JDS/AKLS
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