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ECONOMIC DEVELOPMENT AUTHORITY <br /> • OF THE CITY OF ELK RIVER <br /> RESOLUTION NO. 07-02 <br /> RESOLUTION APPROVING LEASE AGREEMENT BETWEEN THE <br /> ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK <br /> RIVER AND THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF <br /> METROPOLITAN MINNEAPOLIS AND THE GROUND LEASE <br /> BETWEEN THE CITY OF ELK RIVER AND THE ECONOMIC <br /> DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER <br /> BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic <br /> Development Authority of the City of Elk River,Minnesota("Authority") as follows: <br /> Section 1. Recitals. <br /> 1.01. The City of Elk River(the"City") and the Authority have determined that it is in the <br /> best interests of the health,welfare, and safety of the City and its residents that the Authority acquire <br /> and construct a facility (the "Project") to be owned by the Authority and leased to The Young <br /> Men's Christian Association of Metropolitan Minneapolis ("YMCA"). <br /> 1.02. The Authority is authorized by the provisions of Minnesota Statutes, Section <br /> 469.102 to issue its obligations to finance the Project in whole or in part and to pledge the City's full <br /> • faith, credit and taxing powers together with revenues of the Project to the payment of such <br /> obligations. <br /> 1.03. At a special election held on September 12, 2006, the voters of the City approved a <br /> pledge of the City's full faith and credit to bonds in the maximum principal amount of$12,000,000 <br /> issued by the Authority to finance the acquisition and betterment of the Project. <br /> 1.04. To implement the Project, the Authority has caused to be prepared a Lease <br /> Agreement between the Authority and the YMCA(the"Lease"), under which the YMCA will lease <br /> the Project from the Authority. <br /> 1.05. The Authority has also caused to be prepared a Ground Lease between the City and <br /> the Authority (the "Ground Lease"), under which the City will lease to the Authority the land on <br /> which the Project will be constructed. <br /> 1.06. The Board has reviewed the Lease and the Ground Lease, and has determined that it <br /> is in the best interest of the Authority to approve such agreements. <br /> Section 2. Authority Approval; Further Proceedings. <br /> 2.01. The Lease and the Ground Lease as presented to the Board are hereby in all respects <br /> approved, subject to modifications that do not alter the substance of the transaction and that are <br /> approved by the President and Executive Director, provided that execution of the documents by <br /> such officials shall be conclusive evidence of approval. <br /> • 2.02. The President and Executive Director are hereby authorized to execute on behalf of <br /> the Authority the Ground Lease and the Lease, and any documents referenced therein requiring <br /> execution by the Authority, and to carry out on behalf of the Authority its obligations thereunder. <br />