2. SR 05-14-2007 - Laserfiche WebLink

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CITY OF ELK RNER RESOLUTION NO. RESOLUTION APPROVING LEASE AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER AND THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF METROPOLITAN MINNEAPOLIS AND THE GROUND LEASE BETWEEN THE CITY OF ELK RNER AND THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RNER BE IT RESOLVED By the City Council ("Council") of the City of Elk River, Minnesota ("City") as follows: Section 1. Recitals. 1.01. The City and the Economic Development Authority of the City of Elk River ("Authority") have determined that it is in the best interests of the health, welfare, and safety of the City and its residents that the Authority acquire and construct a facility (the "Project") to be owned by the Authority and leased to The Young Men's Christian Association of Metropolitan Minneapolis ("YMCA"). 1.02. The Authority is authorized by the provisions of Minnesota Statutes, Section 469.102 to issue its obligations to finance the Project in whole or in part and to pledge the City's full faith, credit and taxing powers together with revenues of the Project to the payment of such obligations. 1.03. At a special election held on September 12, 2006, the voters of the City approved a pledge ofthe City's full faith and credit to bonds in the maximum principal amount of $12,000,000 issued by the Authority to [mance the acquisition and betterment ofthe Project. 1.04. To implement the Project, the Authority has caused to be prepared a Lease Agreement between the Authority and the YMCA (the "Lease"), under which the YMCA will lease the Proj ect from the Authority. 1.05. The Authority has also caused to be prepared a Ground Lease between the City and the Authority (the "Ground Lease"), under which the City will lease to the Authority the land on which the Project will be constructed. 1.06. The Council has reviewed the Lease and the Ground Lease, and has determined that it is in the best interest of the City to approve such agreements. Section 2. City Approval; Further Proceedings. 2.01. The Lease and the Ground Lease as presented to the Council are hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and City Administrator, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The Mayor and City Administrator are hereby authorized to execute on behalf ofthe City the Ground Lease and the consent to the Lease, and any documents referenced therein requiring execution by the City, and to carry out on behalf of the City its obligations thereunder.