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City of Elk River <br />V(cr City Council <br />Resolution 17- 77 <br />A Resolution of the City Council of the City of Elk River Authorizing the <br />Cancellation of the Interfund Loan of the Park Dedication Fund to the GRE <br />Reserve Fund <br />WHEREAS, the city purchased Pinewood Golf Course in 2006 with funding sources to <br />come from the Park Dedication and GRE Reserve Funds. <br />WHEREAS, the Park Dedication Fund lacked sufficient funds available for its fifty <br />percent share of the final Pinewood payment of $1,140,446, net of the $410,000 legal <br />settlement, in 2016. <br />WHEREAS, the GRE Reserve Fund financed the final Pinewood payment with the intent <br />the Park Dedication Fund repay its share as park dedication revenue became available. <br />WHEREAS, due to the inadequate generation of park dedication revenue it is deemed in <br />the best interest of the Park Dedication Fund to cancel the interfund loan to the GRE <br />Reserve Fund. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: authorize the cancellation of the $570,223 interfund loan of <br />the Park Dedication Fund to the GRE Reserve Fund. <br />Passed and adopted this 4s' day of December 2017. <br />ATTEST: <br />r� <br />Tina Allard, City Clerk <br />►0WIe[I I <br />NATURE <br />