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4 <br />Resolution 24-04 <br />A Resolution of the City of Elk River Economic Development Authority <br />Establishing the Referendum Tax Levy as Approved by Voters for a <br />Recreational Facility to be leased to the YMCA <br />WHEREAS,on September 12, 2006, the voters of the City of Elk River approved a <br />referendum pledging the City’s full faith, credit, and resources to $12,000,000 of bonds for a <br />recreational facility to be leased to the YMCA; and <br />WHEREAS,in 2013, the EDA issued $9,685,000 cross-over refunding bonds to redeem <br />the Series 2007 Bonds on February 1, 2017. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority <br />of the City of Elk River, Minnesota, as follows: that it hereby levies a tax of $520,336 for <br />taxes payable in 2025 for the purposes of funding the debt service on $9,685,000 of bonds as <br />approved by voters to build a recreational facility to be leased to the YMCA. <br />Passed and adopted this 16th day of August, 2024. <br />Dan Tveite, EDA President <br />ATTEST: <br />Brent O’Neil, EDA Executive Director <br />Page 17 of 33