RES 17-77City of Elk River
V(cr City Council
Resolution 17- 77
A Resolution of the City Council of the City of Elk River Authorizing the
Cancellation of the Interfund Loan of the Park Dedication Fund to the GRE
Reserve Fund
WHEREAS, the city purchased Pinewood Golf Course in 2006 with funding sources to
come from the Park Dedication and GRE Reserve Funds.
WHEREAS, the Park Dedication Fund lacked sufficient funds available for its fifty
percent share of the final Pinewood payment of $1,140,446, net of the $410,000 legal
settlement, in 2016.
WHEREAS, the GRE Reserve Fund financed the final Pinewood payment with the intent
the Park Dedication Fund repay its share as park dedication revenue became available.
WHEREAS, due to the inadequate generation of park dedication revenue it is deemed in
the best interest of the Park Dedication Fund to cancel the interfund loan to the GRE
Reserve Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: authorize the cancellation of the $570,223 interfund loan of
the Park Dedication Fund to the GRE Reserve Fund.
Passed and adopted this 4s' day of December 2017.
ATTEST:
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Tina Allard, City Clerk
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