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THIS LEASE-PURCHASE CONTRACT, dated as of December 1, <br />1991 (this Lease), by and between the HOUSING AND REDEVELOPMENT <br />AUTHORITY IN AND FOR THE CITY OF ORONO, MINNESOTA as lessor (the <br />Authority), whose address is City Hall, P. 0. Box 66, Crystal Bay, <br />Minnesota 55323 and CITY Of ORONO, MINNESOTA, as lessee (the <br />City), whose address is City Hall, P. 0. Box 66, Crystal Bay, <br />Minnesota 55323; <br />WHEREAS, the Authority is authorized by Minnesota <br />Statutes, Section 469.012, Subdivision 1(7), within its area of <br />operation and without the adoption of an urban renewal plan, to <br />acquire real property, and to demolish, remove, rehabilitate or <br />reconstruct the buildings and improvements or construct new <br />buildings or improvements thereon; and <br />WHEREAS, the Authority is authorized by Minnesota <br />Statutes, Section 469.012, Subdivision 1(21), to sell or lease any <br />of its real or personal property or interests therein; and <br />WHEREAS, the City has now requested Authority to finance <br />the construction of a new city hall and facilities to house the <br />police and public wor)cs departments (as hereinafter defined, the <br />Project) and Authority has agreed to finance the construction of <br />the Project and to lease and agree to sell the Project to the <br />City, pursuant to the terms and conditions of this Lease; and <br />WHEREAS, City, as the agent of Authority, has agreed to <br />construct the Project, and for this purpose has entered or will <br />enter into a contract with the Architect and Contractor described <br />herein for such purpose; and <br />WHEREAS, Authority has the power to s».ll the Project to <br />City and enter into this Lease pursuant to Minntsota Statutes, <br />Section 465.035 and Section 471.64, Subdivision 1 and City has the <br />power to acquire the Project and enter into this Lease pursuant to <br />Minnesota Statutes, Sections 471.64, Subdivision 1 and Section <br />465.71; <br />NOW, THEREFORE, in the joint and mutual exercise of <br />their powers, and in consideration of the mutual covenants herein <br />contained, the parties hereto recite and agree as follows: <br />■ ......