RES 14-22 City of
River
Resolution 14- 22
A Resolution of the City o lk River Consenting to the Bank Refinancing for
the Elk River Branch of the Boys & it Clubs of 10,000 Lakes
WHEREAS, "I'he City of FIlk River has and continues to be a strong supporter of the 1:,"Ik
River Boys & Girls Club; and
WHEREAS, The City has a Ground:Lease Agreenient, dated March 16, 1999,with the Elk
River Branch of the Boys & Girls Club which requires the city to consent to any mortgage or
other security, interest in the Bo)�s & Girls Club, building-. and
WHEREAS, the F"lk River Branch of the Boys & Girls Club is seeking to refinance
existing debt without adding new debt on the bufldingl- and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City, of Elk
River, Minnesota, as follows: the city is aware of and supports then"nproved financial
position which would result from said refinancing and consents to this refinancing and any
mortgage or other security interest in the Boys & Girls Club building, provided such
mortgage or security interest complies with the terms of the (.3round Lease dated March 16,
1999.
Passed and adopted this 19"' day of May 2014.
Y
hn y)Ietz, I or If,ina Allard, City Clerk
!NATURE
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