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City of <br /> Elk i-=OM <br /> River <br /> Resolution 14- <br /> A Resolution of the City of Elk River Consenting to the Bank Refinancing for <br /> the Elk River Branch of the Boys & Girls Clubs of 10,000 Lakes <br /> WHEREAS, The City of Elk River has and continues to be a strong supporter of the Elk <br /> River Boys & Girls Club; and <br /> WHEREAS, The City has a Ground Lease Agreement, dated March 16, 1999,with the Elk <br /> River Branch of the Boys & Girls Club which requires the city to consent to any mortgage or <br /> other security interest in the Boys & Girls Club building; and <br /> WHEREAS, the Elk River Branch of the Boys & Girls Club is seeking to refinance <br /> existing debt without adding new debt on the building; and <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, as follows: the city is aware of and supports the improved financial <br /> position which would result from said refinancing and consents to this refinancing and any <br /> mortgage or other security interest in the Boys & Girls Club building, provided such <br /> mortgage or security interest complies with the terms of the Ground Lease dated March 16, <br /> 1999. <br /> Passed and adopted this 19`h day of May 2014. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City Clerk <br /> BaiWIRE0 0r <br />