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City of <br /> Elk=' Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.14 <br /> Agenda Section Meeting Date Prepared by <br /> Consent May 19, 2014 Cal Portner, City Administrator <br /> Item Description Reviewed by <br /> Elk River Boys & Girls Club Refinancing <br /> Reviewed by <br /> Action Requested <br /> Adopt,by motion,a resolution consenting to the Elk River Boys &Girls Club refinance of their building. <br /> Background/Discussion <br /> The Elk River Boys &Girls Club Branch CEO Ricky Solomon has contacted the city seeking support for <br /> the refinancing of their building loan. <br /> The city has a ground lease with the club that requires the city to consent to any mortgage or other <br /> security interest in the building. The refinancing will not result in the addition of new debt rather it will <br /> enable the club to pay off their remaining debt (approximately$133,000) at a faster pace. Mr. Solomon <br /> indicated the organization,under the leadership of their Board of Directors,has eliminated all of their <br /> past outstanding debt over the last several years and is now financially very stable. <br /> Central Bank is working the refinance. They would like a resolution from the city indicating we are aware <br /> of the change in terms and consenting to the new mortgage. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Resolution <br /> P0WIAEO 0 <br /> NaA f RE] <br />