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RESOLUTION 08 - <br />A RESOLUTION OF THE ELK RNER <br />ECONOMIC DEVELOPMENT AUTHORITY <br />A RESOLUTION ESTABLISHING THE 2009 REFERENDUM TAX LEVY AS <br />APPROVED BY VOTERS FOR A RECREATIONAL FACILITY TO BE LEASED <br />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 <br />$12,000,000 of bonds for a recreational facility to be leased to the <br />YMCA; and <br />WHEREAS, the City has received a Landfill Abatement Legacy Grant from Sherburne <br />County for certain qualifying recycled materials and these Grant funds <br />have been applied to reduce the debt service tax levy on the $12,000,000 <br />of bonds. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in <br />and for the Ciry of Elk River, Minnesota, that it hereby levies a tax of $235,268 for taxes <br />payable in 2009 for the purposes of funding the debt service on $12,000,000 of bonds as <br />approved by voters to build a recreational facility to be leased to the YMCA. <br />Passed and adopted by the Elk River Economic Development Authority this 11t1i day of <br />August, 2008. <br />Pat Dwyer, President <br />ATTEST: <br />Catherine Mehelich, Executive Director <br />S: \EDA\DOCUMENT\RESOLUTI\EDA levy Resolutions\EDALEV09ymca.doc <br />