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Resolution I 7-06
A Resolution of the City of Elk River Economic Development Authority
Establishing the 2018 Referendum Tax Levy as Approved by Voters for a
Recreational Facility to be leased to the YMCA
WHEREAS, on September 12, 2006, the voters of the City of Elk River approved a
referendum pledging the City's full faith, credit, and resources to $12,000,000 of bonds for a
recreational facility to be leased to the YMCA;and
WHEREAS, in 2013, the EDA issued$9,685,000 cross-over refunding bonds to redeem
the Series 2007 Bonds on February 1, 2017;and
WHEREAS, the City had received a Landfill Abatement Legacy Grant from Sherburne
County for certain qualifying recycled materials and these grant funds were applied to reduce
the debt service tax levy of the bonds from 2008-2016.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
of the City of Elk River,Minnesota, as follows: that it hereby levies a tax of$511,376 for
taxes payable in 2018 for the purposes of funding the debt service on $9,685,000 of bonds as
approved by voters to build a recreational facility to be leased to the YMCA.
Passed and adopted this 21st day of August 2017.
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Dan Tveite,President
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manda 0 oudt, Executive Director
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