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RESOLUTION NO. 96- 15 CITY COUNCIL CITY OF ELK RIVER, MINNESOTA A RESOLUTION APPROVING THE ELK RIVER ICE ARENA EXPANSION PROJECT AND APPROVING THE FINANCING FOR THE ELK RIVER ICE ARENA EXPANSION PROJECT WHEREAS, the City of Elk River (the City), with the cooperation of the Elk River Youth Hockey Association, is proceeding with a project to expand and improve the existing Elk River Indoor Ice Arena (the Project); and WHEREAS, the Project includes the construction of a second indoor ice arena to be constructed adjacent to and integrated with the existing Elk River Indoor Ice Arena; and WHEREAS, the intent of the Project is that the expanded and improved indoor ice arena facility will be used predominately for youth athletic activities, including activities sponsored by Elk River Independent School District No. 728 (the School District); and WHEREAS, the City and the School District have entered into a Real Estate Agreement pursuant to which the School District is selling property to the City for the Project; and WHEREAS, the School District has agreed in the Real Estate Agreement to cooperate in the Project by the adoption of a resolution approving the arena and its financing, as required by Minnesota Statutes, Section 475.58, Subd. 3(a)(2). NOW, THEREFORE, the City Council of the City of Elk River, Minnesota does resolve as follows: 1. The City Council of the City of Elk River, Minnesota does hereby approve of the Elk River Indoor Ice Arena expansion and improvement project; and 2. The City Council of the City of Elk River, Minnesota, does hereby approve of the financing plan, attached as Exhibit A to this resolution, for the Elk River Indoor Ice Arena expansion and improvement project.