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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.7 <br /> Agenda Section Meeting Date Prepared by <br /> Consent December 17, 2018 Cal Portner, City Administrator <br /> Item Description Reviewed by <br /> Resolution Boys & Girls Club of the North Star, Peter Beck, City Attorney <br /> Elk River Refinancing Reviewed by <br /> Action Requested <br /> Adopt,by motion, a resolution supporting the bank refinancing for the Boys & Girls Clubs of the North <br /> Star—Elk River Branch. <br /> Background/Discussion <br /> President/CEO Ricky Solomon of the Boys & Girls Club of the North Star, Elk River Branch has asked <br /> the City of Elk River support,by resolution, the bank 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 to amortize their remaining debt over the next 10 years. <br /> 1VIidWestOne Bank is working the loan at a rate of 5.45% for the next five years of the loan if supported <br /> by the City Council and their Board of Directors. <br /> The club refinanced in May of 2014 with the support of their Board and the Council. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Resolution <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />