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Resolution 16- 25 <br />I <br />A Resolution of the City of Elk River Consenting to a Commercial Real <br />Estate Loan by the Boys & Girls Club of Elk River <br />WHEREAS, the City of Elk River has and continues to be a strong supporter of the Boys <br />& Girls Club of Fl.k River; and <br />WHEREAS, the city has a Ground Lease Agreement dated March 16, 1999, with the club <br />which requires the city to consent to any mortgage or other security interest pertaining to the <br />Boys & Girls Club building; and <br />WHEREAS, the club requests the citys consent to supporting the club in obtaining a <br />Commercial Real Estate Loan; and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: the city is aware of and supports the acquisition of a <br />Commercial Real Estate Loan by the Boys & Girls Club of Elk River of $60,000 to use as <br />working capital <br />Passed and adopted this 18"' day of April 2016, <br />A'l`T EIST- <br />Tina Allard, City Clerk <br />n _j .'Dietz,MN ayor <br />Ipa I E R I I i <br />NArURE1 <br />