RES 11-03 EDAECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER
RESOLUTION NO. 11-03
RESOLUTION APPROVING CONSENT TO MERGER OF THE YOUNG
MEN'S CHRISTIAN ASSOCIATION OF METROPOLITAN MINNEAPOLIS
AND YOUNG MEN'S CHRISTIAN ASSOCIATION OF THE GREATER TWIN
CITIES
BE IT RESOLVED By the Board of Commissioners (`'Board") of the Economic
Development Authority of the City of Elk River, Minnesota ('`Authority") as follows:
Section 1. Recitals.
1.01. The Young Men's Christian Association of Metropolitan Minneapolis ("YMCA")
entered into a Lease Agreement dated as of August 20, 2007 (the '`Lease"), under which the
Authority leases a recreational facility (the "Project") to YMCA.
1.02. Construction of the Project was financed in part with proceeds of the Authority's
$10,000,000 Genera] Obligation Bonds, Series 2007 and $2,000,000 General Obligation Bonds,
Series 2008A (together, the "Bonds"), which Bonds are secured in part with lease payments under
the Lease.
1.03. The YMCA has proposed to merge with the YMCA of Greater St. Paul to form a
single entity known as the Young Men's Christian Association of the Greater Twin Cities ("Y-
GTC").
1.04. YMCA has requested that the Authority consent to the merger, such that Y-GTC
assumes all obligations of YMCA under the Lease.
1.05. The Board has reviewed a form of Consent to merger of The Young Men's Christian
Association of Metropolitan Minneapolis and Young Men's Christian Association of the Greater
Twin Cities (the "Consent") and has determined that it ~s in the best interest of the Authority and the
City of Elk River to approve such Consent.
Section 2. Authority Approval; Further Proceedings.
2.01. The Consent as presented to the Boazd is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the
President and Executive Director, provided that execution of the documents by such officials shall
be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Consent, and any documents referenced therein requiring execution by the
Authority, or otherwise required to carry out the transaction described in the Consent.
Approved by the Boazd of Commissioners of the City of Elk River, Minmesota this 12thh
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day of December, 2011.
ATTEST:
Secretary
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Pre~ent
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