RES 16-25Resolution 16- 25
I
A Resolution of the City of Elk River Consenting to a Commercial Real
Estate Loan by the Boys & Girls Club of Elk River
WHEREAS, the City of Elk River has and continues to be a strong supporter of the Boys
& Girls Club of Fl.k River; and
WHEREAS, the city has a Ground Lease Agreement dated March 16, 1999, with the club
which requires the city to consent to any mortgage or other security interest pertaining to the
Boys & Girls Club building; and
WHEREAS, the club requests the citys consent to supporting the club in obtaining a
Commercial Real Estate Loan; 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 the acquisition of a
Commercial Real Estate Loan by the Boys & Girls Club of Elk River of $60,000 to use as
working capital
Passed and adopted this 18"' day of April 2016,
A'l`T EIST-
Tina Allard, City Clerk
n _j .'Dietz,MN ayor
Ipa I E R I I i
NArURE1