3.0 SR 02-08-2018 - Laserfiche WebLink

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City of Elk River City Council Resolution 18-____ A Resolution of the City Council of the City of Elk River Directing Staff to Prepare for a Bond Sale and to Prepare a Resolution Directing a Local Option Sales and Use Tax WHEREAS, the city has recreation facilities in need of significant financial investments to maintain current and future uses; and WHEREAS, a general election referendum was held in November of 2016 to provide for a multipurpose recreational facility to replace existing facilities as well as add a number of park and trail improvements; and WHEREAS, upon failure of the referendum, in January of 2017 the City Council expressed consensus to engage architects to refine specific facility plans for the Elk River Ice Arena and Lion John Weicht Park; and WHEREAS, in August of 2017, the Council, by unanimous consent, directed staff to request proposals for architectural services to further develop those plans; and WHEREAS, as plans are nearly complete and ready for construction bidding, bond debt will need to be issued to finance facility construction. Bond investors will purchase such bonds with the understanding the City of Elk River will repay the debt with interest; and WHEREAS, the city’s principal guarantee for repayment is the general tax levy; and WHEREAS, the Council has indicated a desire to initiate the local option sales and use tax process as a potential means to possibly repay the bond debt. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: It is the Council’s desire to make the aforementioned recreation facility improvements utilizing municipal bonding to finance the project and staff shall begin preparations to issue such bonds. The Council also desires to initiate the local option sales and use tax process for the next general election. Passed and adopted this 8th day of February 2018. John J. Dietz, Mayor ATTEST: Tina Allard, City Clerk