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City of <br /> Elk City of Elk River <br /> Wver City Council <br /> Resolution 17- <br /> A Resolution of the City Council of the City of Elk River Authorizing the <br /> Cancellation of the Interfund Loan of the Park Dedication Fund to the GRE <br /> Reserve Fund <br /> WHEREAS, the city purchased Pinewood Golf Course in 2006 with funding sources to <br /> come from the Park Dedication and GRE Reserve Funds. <br /> WHEREAS, the Park Dedication Fund lacked sufficient funds available for its fifty <br /> percent share of the final Pinewood payment of$1,140,446, net of the $410,000 legal <br /> settlement,in 2016. <br /> WHEREAS, the GRE Reserve Fund financed the final Pinewood payment with the intent <br /> the Park Dedication Fund repay its share as park dedication revenue became available. <br /> WHEREAS, due to the inadequate generation of park dedication revenue it is deemed in <br /> the best interest of the Park Dedication Fund to cancel the interfund loan to the GRE <br /> Reserve Fund. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, as follows: authorize the cancellation of the $570,223 interfund loan of <br /> the Park Dedication Fund to the GRE Reserve Fund. <br /> Passed and adopted this 41h day of December 2017. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City NATUREJ <br />