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