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RESOLUTION 07 - 05 <br /> IIII <br /> A RESOLUTION OF THE ELK RIVER <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> A RESOLUTION ESTABLISHING THE 2008 REFERENDUM TAX LEVY AS <br /> APPROVED BY VOTERS FOR 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 City of Elk River, Minnesota, that it hereby levies a tax of$310,215 for taxes <br /> payable in 2008 for the purposes of funding the debt service on $12,000,000 of bonds as <br /> IIIapproved 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 10`h day of <br /> September,2007. <br /> / <br /> LA <br /> /A j <br /> 11 o toll,PrCnt <br /> A 1'1'EST: <br /> e;e <br /> lC:, <br /> Catherine Mehe c , Executive Director <br /> III <br /> S:\EDA\DOCUMENT\RESOLUTI\EDA levy Resolutions\EDALEVO8ymca.doc <br />