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-> <br />car o~ <br />....- <br />.~... <br />V~>r <br />ELK RIPER ECONOMIC DEVELOPMENT AUTH <br />CITY OF ELK RIVER, MINNESOTA <br />PRE-SALE REPORT <br />DECEMBER, 2007 <br />Proposed Issue: $2,000,000 G.O. Bonds, Series 2008, to be issued <br />Development Authority (EDA) and secured by the gene <br />taxpayers of the City of Elk River. The EDA is the is <br />legal authority necessary to utilize bond proceeds fora ~ <br />leased to anon-profit. <br />AND <br />by the Economic <br />•al obligation of the <br />;uer because of the <br />ecreational facility <br />Purpose: The Bonds will finance a 55,000 s.f. recreational facilit to be leased to the <br />YMCA of Metropolitan Minneapolis pursuant to a election held on <br />September 12, 2006. The ballot language was: <br />"Shall the City of Elk River, Minnesota, be authorized t pledge its full faith, <br />credit and resources to bonds to be issued by the Eco omic Development <br />Authority of the City of Elk River in an amount not to e ceed $]2,000,000 to <br />defray the expense of the acquisition and betterment of recreational facility <br />owned by the Authority and leased to the YMCA? The aximum amount of <br />increased levy as a percentage of market value is .052%. T e maximum amount <br />that would be raised by the new referendum tax rate in firs year if it were to be <br />levied is $902,982. NOTICE: BY VOTING "YES" N THIS BALLOT <br />QUESTION, YOU ARE VOTING FOR A PROPERTY T X INCREASE. The <br />Economic Development Authority of the City of Elk Rive anticipates entering <br />into a lease with The Young Men's Christian Associat'on of Metropolitan <br />Minneapolis (the "YMCA") pursuant to which the YMCA ill pay one-third of <br />the debt service ofthe bonds to be issued by the Economic D velopment Authority <br />of the City of Elk River." <br />The EDA sold the first $10,000,000 authorized unde the referendum in <br />2007. <br />