6. EDSR 03-11-2013 Crty Elk REQUEST FOR ACTION
River
To ITEM NUMBER
Economic Development Authority 6.
AGENDA SECTION MEETING DATE PREPARED BY
March 11, 2013 Suzanne Fischer, Community Operations and
Development Director
ITEM DESCRIPTION REVIEWED By
Disposition of EDA Property—Outlot A,Northstar Cal Portner, City Administrator
Business Park REVIEWED BY
A. Public Hearing—Disposition of Property
B. Consider Resolution Authorizing Execution
of A Purchase Agreement for Outlot A,
Northstar Business Park
ACTION REQUESTED
Conduct the public hearing for disposition of property and approve Resolution No. 13-02, authorizing
the execution of a purchase agreement for Outlot A,Northstar Business Park.
BACKGROUND/DISCUSSION
Outlot A of Northstar Business Park was advertised for sale through the public bidding process following
a purchase request from Bryan Provo, owner and General Manager of Alliance Machine and Provo
Enterprises. One bid from Provo enterprises,LLC.was received in the amount of$41,300.
As required per State Statute, the EDA, at their February 11th meeting, called a public hearing for March
11, 2013 for the disposition of this parcel. Notice of the public hearing was published in the February 23rd
edition of the Star News.
A purchase agreement for the sale of the property was drafted by the city attorney. The property is
proposed to be sold in the amount of$41,300,which exceeds the appraised value of the property. Provo
Enterprises, LLC will also pay $1,750 to cover the cost of the property appraisal and all legal fees
associated with the sale. Per state statute, appraisals are confidential until a purchase agreement is entered
into. Approval of Resolution 13-02 authorizes the EDA President, Vice President and Executive
Director to execute the purchase agreement.
FINANCIAL IMPACT
Provo Enterprises, LLC. will pay a total of$43,050 ($41,300 for the lot and $1750 for appraisal) to the
City of Elk River for Outlot A in Northstar Business Park.
ATTACHMENTS
• Purchase Agreement with Provo Enterprises,LLC
• Resolution No. 13-02 authorizing execution of a purchase agreement between the Economic
Development Authority and Provo Enterprises,LLC.
P i i i R E 1 / T
NATURE
PURCHASE AGREEMENT
RELATING TO
A LOT IN NORTHSTAR BUSINESS PARK,
SHERBURNE COUNTY,MINNESOTA
1. Parties. The parties to this Purchase Agreement are:
a. The Economic Development Authority of the City of Elk River, a body
corporate and politic organized pursuant to Minnesota Statutes, Section 469.090 to
469.1082, 13065 Orono Parkway, Elk River, MN 55330-5600, Attention: Executive
Director, (the "Seller"); and
b. Provo Enterprises LLC 17520 Tyler Street Elk River, MN 55330,
Attention: Bryan Provo, General Manager(the "Buyer").
This Agreement sometimes refers to Seller and Buyer individually as a"Party" and collectively
as the"Parties".
2. Property. The real property that is the subject of this Agreement is located in the
City of Elk River, Sherburne County, Minnesota and is the property legally described as
Outlot A,NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota(the"Property").
The property is vacant land. The term"Property", as used in this Agreement includes all
hereditaments and appurtenances to the Property. No personal property will be conveyed
pursuant to this Agreement.
3. Purchase and Sale. Subject to the contingencies set forth herein, Seller agrees to
sell the Property to Buyer pursuant to the terms of this Agreement, and Buyer agrees to purchase
the Property from Seller pursuant to the terms of this Agreement.
4. Public Hearing. Before Seller may convey the Property to Buyer, Seller's Board
must hold a hearing on the proposed sale and must determine that the sale is in the best interest
of the City of Elk River and its people and furthers Seller's general plan of economic
development. Within a reasonable period after Buyer submits a signed copy of this Purchase
Agreement to Seller, Seller will publish the required notice of and hold the hearing required by
Minnesota Statute Section 469.105, Subd. 2. If, at the hearing, Seller's Board does not adopt a
resolution approving a sale pursuant to the terms of this Agreement, Buyer may terminate this
Agreement pursuant to Section 18(b), or Seller may terminate this Agreement pursuant to
Section 19(a). If Seller's Board adopts a resolution approving a sale pursuant to the terms of this
Agreement and a taxpayer appeals Seller's decision in accordance to Minnesota Statute Section
469.105, Subd. 3, Seller must give Buyer written notice of the appeal, and Buyer may terminate
this Agreement pursuant to Section 18(b) or Seller may terminate this Agreement pursuant to
Section 19(b). If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(b) or
Section 19(b), within five (5)business days of Seller's delivery of written notice of an appeal to
Buyer, all time periods provided for in this Agreement will be tolled pending the outcome of
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such appeal. If neither Buyer nor Seller terminates this Agreement pursuant to Section 18(b) or
Section 19(b) and a District Court finds in favor of the party taking the appeal,this Agreement
automatically terminates and Seller must return the Earnest Money to Buyer.
5. Purchase Price. The purchase price for the Property is Forty-One Thousand
Three Hundred and 00/100 Dollars ($41,300) (the "Purchase Price"). Buyer will also pay for:
(a)the cost of the appraisal, $1,750; (b)any legal or other fees associated with the sale of the
property; and (c) any other costs and expenses allocated to Buyer herein below.
6. Earnest Money. Seller's execution of this Agreement acknowledges Buyer's
deposit of earnest money in the amount of$5,000.00 (the"Earnest Money"). Buyer must deposit
the Earnest Money with Seller. Seller may commingle the Earnest Money with other funds of
Seller. Seller has no obligation to invest the Earnest Money. Earnest Money in the possession of
Seller remains the property of Buyer until paid to Seller pursuant to Section 8 below or until
Buyer defaults in the performance of Buyer's obligations under this Agreement and Seller
terminates this Agreement pursuant to the provisions of Section 22 in which case Seller may
retain the Earnest Money. If Seller defaults in the performance of Seller's obligations under this
Agreement, Buyer may terminate this Agreement pursuant to the provisions of Section 22, and
the Seller must return Earnest Money to Buyer. Seller must also return the Earnest Money to
Buyer if Buyer terminates this Agreement pursuant to Section 13, Section 18 or Section 20 or if
Seller terminates this Agreement pursuant to Section 19. Upon Seller's full performance of
Seller's obligations under this Agreement, the Earnest Money must be delivered to Seller and
applied towards payment of the Purchase Price pursuant to the provisions of Section 8(a) below.
7. Plans and Specifications. Intentionally left blank.
8. Payment Terms. Upon Seller's full performance of Seller's obligations under
this Agreement, Buyer must:
a. Authorize Seller to retain the Earnest Money; and
b. Tender the balance of the Purchase Price to Seller in wire transferred
funds.
9. Conveyance Terms. Upon Buyer's full performance of Buyer's obligations under
this Agreement, Seller must execute and deliver to Buyer a Warranty Deed conveying fee title to
the Property to Buyer subject only to:
a. Building, zoning and subdivision statutes, laws, ordinances and
regulations;
b. Reservations of minerals or of mineral rights in favor of the State of
Minnesota, if any;
c. The lien of real estate taxes and special assessments not yet due and
payable; and
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d. Covenants, conditions, restrictions, easements, encumbrances or other
defects in title which are disclosed by the Evidence of Title, as defined in Section 12, and
which are not the subject of an Objection, as defined in Section 13, or which are the
subject of an Objection that Buyer has waived pursuant to the provisions of Section
13(b).
(hereinafter, collectively, the"Permitted Encumbrances").
10. Possession. Upon Buyer's full performance of Buyer's obligations under this
Agreement, Seller must deliver possession of the Property to Buyer.
11. Closing. The Parties must meet at the offices of Seller at 13065 Orono Parkway,
Elk River, Minnesota at 9:30 a.m., on March 12, 2013, or at such other place or other date as the
Parties may establish by written agreement(the "Date of Closing"),at which time:
a. Seller must:
(i) execute and deliver to Buyer the deed described in Section 9
above. Seller will include on the deed the statement"The Seller certifies that the
Seller does not know of any wells on the described real property."
(ii) execute and deliver to Buyer and Buyer's title insurer, if any, an
Affidavit by Seller indicating that on the date of Closing there are no outstanding,
unsatisfied judgments,tax liens, or bankruptcies against or involving the Property;
that there has been no skill, labor, or material furnished to the Property for which
payment has not been made or for which mechanics' liens could be filed; and there
are no other unrecorded interests in the Property,together with whatever standard
owner's affidavit as may be reasonably required by the Buyer's title insurer;
(iii) execute and deliver to Buyer a non-foreign affidavit in recordable
form containing such information as required under IRC Section 1445(b)(2) and
any regulations relating there to;
(iv) provide Buyer or Title, as defined in Section 10 with the
information necessary to complete a Minnesota Certificate of Real Estate Value;
and
(v) pay or provide evidence of payment of the following: the cost of
providing the Evidence of Title as defined in Section 12; the State Deed Tax due
upon the execution of the deed described in Section 9; real estate taxes and, if
applicable, levied or pending special assessments pursuant to the provisions of
Section 14; and one-half of Title's fee to conduct and insure the closing of this
transaction.
b. Buyer must:
(i) Tender the Purchase Price to Seller pursuant to the provisions of
Section 6 above; and
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(ii) Pay or provide evidence of payment of the following: the premium
for Buyer's owner's policy of title insurance, if any; the changes for any
endorsements to Buyer's title insurance policy that Buyer elects to purchase; the
recording fee due upon the recording the deed from Seller to Buyer; all costs
associated with Buyer's financing, if any, including mortgagee's title insurance
policy costs and premiums, if any, and one-half of Title's fee to conduct and
insure the closing of this transaction.
12. Evidence of Title. Within ten(10)business days of the Effective Date, Seller
must, at Seller's sole cost and expense, deliver to Buyer a commitment from Sherburne County
Abstract and Title("Title")to issue an ALTA Form 2006 Owner's Policy of Title Insurance, in
the amount of the Purchase Price, identifying Buyer as the proposed insured (the"Title
Commitment")as well as any so called"Schedule B-II documents".
13. Examination of Title. Within five (5) business days of Buyer's receipt of the
Title Commitment, Buyer may give Seller written notice of alleged defect(s) in the marketability
of title to the Property and request that Seller make Seller's title marketable (an"Objection").
Any defect in the marketability of Seller's title to the Property which Buyer does not object to, in
writing,within the time period set forth above, is a Permitted Encumbrance. Seller will cure any
mortgages,judgments, liens or incurred or created by Seller at or before the Date of Closing. Seller
may, but will have no obligation to, cure any other Objection. If any other Objections remain
uncured on the Contingency Date(as defined in Section 18),then Buyer may:
a. terminate this Agreement pursuant to the procedures set forth in Section
23 below; or
b. notify Seller that Buyer waives Buyer's Objection. If Buyer waives
Buyer's Objection,the matter giving rise to such Objection will be deemed a Permitted
Encumbrance and the Parties must fully perform their obligations under this Agreement.
If Buyer does not timely notify Seller of Buyer's election to terminate this Agreement pursuant to
subsection(a) above,then Buyer will be deemed to have waived all Objections (that Seller is not
required to cure) and closing will occur as scheduled.
14. Real Estate Taxes and Special Assessments. The Parties must pay the real
estate taxes (which term, as used in this Agreement, must include service charges assessed
against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special
assessments as follows:
a. On or before the Date of Closing, Seller must pay the real estate taxes,
installments of special assessments and any penalties and interest thereon that are due and
payable with respect to the Property,on or before the Date of Closing;
b. On or before the Date of Closing, Seller must pay or provide for the
payment of all installments of special assessments levied or pending against the Property
as of the Date of Closing, including installments of special assessments certified for
payment with the current year's real estate taxes; and
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c. Buyer will be responsible for all amounts of real estate taxes and special
assessments which are due and payable from and after the Date of Closing.
15. Seller's Representations. Seller makes the following representations to Buyer:
a. Seller represents that, to the best of Seller's actual knowledge,there is no
action, litigation, governmental investigation, condemnation or administrative proceeding
of any kind pending against Seller with respect to the Property or otherwise involving any
portion of Property, and no third party has threatened Seller with commencement of any
such action, litigation, investigation, condemnation or administrative proceeding.
b. Seller represents that,to the best of Seller's actual knowledge, there are no
wells located on the Property.
c. Seller represents that,to the best of Seller's actual knowledge, there are no
underground or above ground storage tanks of any size or type located on the Property.
d. Seller represents that,to the best of Seller's actual knowledge, there are no
Hazardous Substances located on the Property; the Property is not subject to any liens or
claims by government or regulatory agencies or third parties arising from the release or
threatened release of Hazardous Substances in, on or about Property; and Property has
not been used in connection with the generation, disposal, storage, treatment or
transportation of Hazardous Substances. For purposes of this Agreement, the term
"Hazardous Substance" includes but is not limited to substances defined as"hazardous
substances,""toxic substances"or"hazardous wastes" in the Comprehensive
Environmental Response Compensation Liability Act of 1980, as amended, 42 U.S.C.
§9601, et seq., and substances defined as"hazardous wastes,""hazardous substances,"
"pollutants, or contaminants"as defined in the Minnesota Environmental Response and
Liability Act, Minnesota Statutes, §115B.02. The term"hazardous substance"must also
include asbestos, polychlorinated biphenyls, petroleum, including crude oil or any
fraction thereof, petroleum products, heating oil, natural gas, natural gas liquids, liquefied
natural gas, or synthetic gas useable for fuel (or mixtures of natural gas and synthetic
gas).
If, at any time prior to the Date of Closing, Seller acquires actual knowledge of events,
circumstances or facts which render the representations set forth in this Section 15 inaccurate in
any respect, Seller must immediately notify Buyer, in writing. Buyer's acceptance of the deed
described in Section 9 from Seller and payment of the Purchase Price to Seller with knowledge
that one or more of the matters set forth above are not as represented constitutes Buyer's waiver
or release of any claims due to such misrepresentation.
16. Buyer's Representations. Buyer hereby represents to Seller as follows:
a. The individuals executing this Agreement on behalf of Buyer represent
and warrant that they have the authority to execute this Agreement on behalf of Buyer
and to bind Buyer. Buyer represents that Buyer has the full and complete authority to
enter into this Agreement and to purchase the Property.
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b. Buyer represents that Buyer has not engaged anyone else to act as Buyer's
agent in this transaction.
17. Buyer's Inspection and "AS IS" Sale. At all times prior to the Date of Closing,
Buyer and its agents have the right, upon reasonable notice to Seller, to go upon the Property to
inspect the Property and to determine the condition of the Property including, specifically,the
presence or absence of Hazardous Substances, in, on, or about the Property. Buyer agrees to
indemnify and defend Seller from and to hold Seller harmless against any and all claims, causes
of action or expenses, including attorneys' fees,relating to or arising from Buyer's or Buyer's
agents or contractors presence on the Property prior to the Date of Closing. Buyer agrees to
repair any damage to the Property caused by such inspections and to return the Property to
substantially the same condition as existed prior to Buyer's inspection. BUYER
ACKNOWLEDGES THAT BUYER IS PURCHASING THE PROPERTY IN RELIANCE
ON THE REPRESENTATIONS OF SELLER SET FORTH IN SECTION 15; ON
BUYER'S INSPECTION OF THE PROPERTY PURSUANT TO THIS SECTION 17;
AND ON BUYER'S JUDGMENT REGARDING THE SUFFICIENCY OF SUCH
INSPECTIONS. BUYER IS NOT RELYING ON ANY WRITTEN OR ORAL
REPRESENTATIONS,WARRANTIES OR STATEMENTS THAT SELLER OR
SELLER'S AGENTS HAVE MADE EXCEPT FOR THE REPRESENTATIONS SET
FORTH IN SECTION 15 OF THIS AGREEMENT. SUBJECT TO BUYER'S RIGHT TO
TERMINATE THIS AGREEMENT PURSUANT TO SECTION 18,BUYER IS
PURCHASING THE PROPERTY IN "AS IS" CONDITION RELYING ONLY ON THE
REPRESENTATIONS SET FORTH IN SECTION 15.
18. Buyer's Contingencies. Buyer's obligations under this Agreement are contingent
on:
a. Buyer's determination, based on the inspections described in Section 17
above and any other relevant information,that the condition of the Property is acceptable
to Buyer; and
b. Seller having satisfied the notice and hearing requirements set forth in
Minnesota Statute Section 469.105, Subd. 2; having made findings and a decision that the
sale is advisable and having entered its findings on its records as required by Minnesota
Statute Section 469.105, Subd. 3 and either(i)no taxpayer having filed an appeal within
the twenty (20) day time period described in Minnesota Statute Section 469.105, Subd. 3;
or(ii) the time periods during which a taxpayer may appeal the District Court's decision
having expired, on or before the Date of Closing.
Buyer must use commercially reasonable efforts to satisfy the contingency described in Section
18(a)on or before 12:00 noon on March 11`h, 2013,the date of Seller's Board's regularly
scheduled meeting(the"Contingency Date"). If Buyer does not notify Seller, in accordance with
the requirements of Section 23, on or before the date of the Public Hearing that Buyer is
exercising the contingency described in Section 18(a), Buyer's right to exercise the contingency
described in this Section 18(a)terminates, and the Parties must proceed pursuant to the other
provisions of this Agreement.
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19. Seller's Contingencies. Seller's obligations under this Agreement are contingent
on:
a. Seller's Board(i)determining that the sale contemplated by this
Agreement is in the best interest of the City of Elk River and its people and furthers
Seller's general plan of economic development; and(ii) adopting a resolution approving a
sale pursuant to the terms of this Agreement at a hearing called and held in accordance
with the requirements of Minnesota Statutes Section 469.105, Subd. 2; and
b. No taxpayer filing an appeal within the twenty(20)day time period
described in Minnesota Statutes 469.105, Subd. 3.
If one or more of the contingencies described in this Section 19 are not satisfied, Seller may
terminate this Agreement pursuant to Section 23.
20. Condemnation. If a public or private entity with the power of eminent domain
commences condemnation proceedings against all of any part of the Property, this Agreement
shall terminate.
21. Assignment. Buyer may not assign Buyer's rights or obligations under this
Agreement to a third party without the written consent of Seller. Seller may grant or withhold
Seller's consent to an assignment in Seller's sole and absolute discretion.
22. Default. If either Party defaults in the performance of any of the Party's
obligations under this Agreement,the non-defaulting Party may, after written notice to the
defaulting Party, suspend performance of its obligations under this Agreement, and the rights of
the non-defaulting Party are as follows:
a. Buyer's Default. If Buyer defaults in the performance of any of Buyer's
obligations under this Agreement, Seller has the right to terminate this Agreement
pursuant to Minnesota Statutes, Section 559.21 and retain the Earnest Money. If one or
more of the representations set forth in Section 16 are inaccurate, when made or if Buyer
defaults in the performance of one or more of Buyer's obligations under Section 17,
Seller may commence an action for damages against Buyer in Sherburne County District
Court, and if Seller prevails in such an action, Seller is entitled to recover from Buyer
Seller's reasonable attorney's fees and costs. The remedies set forth in this Section 22(a)
are Seller's sole and exclusive remedies in the event of Buyer's default.
b. Seller's Default. If Seller defaults in the performance of any of Seller's
obligations under this Agreement, Buyer's sole remedy is to terminate this Agreement
pursuant to Section 23 below, in which case Seller must return the Earnest Money to
Buyer.
23. Termination of this Agreement. Sections 13, 18, 20 and 22(b) of this
Agreement allow Buyer to terminate this Agreement under certain conditions. Section 19 allows
Seller to terminate this Agreement under certain conditions. The following procedures govern
the exercise of those termination rights:
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a. The party that desires to terminate this Agreement (the"Terminating
Party")must notify the other party(the"Non-Terminating Party"), in writing, of the
Terminating Party's intent to terminate this Agreement.
b. The Terminating Party's notice must recite the Section of this Agreement
that authorizes the Terminating Party's termination of this Agreement and must describe
the facts and circumstances which the Terminating Party asserts justify termination under
the referenced Section.
c. The Terminating Party's notice of termination is effective as of the date
the Terminating Party deposits the notice of termination with the United States Postal
Service, with all necessary postage paid, for delivery to the Non-Terminating Party via
certified mail, return receipt requested, at the address set forth in Section 1. If the
Terminating Party delivers a notice of termination in a different manner than described in
the preceding sentence,the notice of termination is effective as of the date the Non-
Terminating Party actually receives the notice of termination. The Terminating Party
must also mail a copy of the notice of termination to the Parties respective attorneys as
provided for in Section 26 below.
d. If the Non-Terminating Party disputes the Terminating Party's right to
terminate this Agreement,the Non-Terminating Party must so notify the Terminating
Party, in writing, within five(5)business days of the Non-Terminating Party's receipt of
the Terminating Party's notice of termination.
e. If the Non-Terminating Party does not dispute the Terminating Party's
right to terminate the Agreement, Buyer must execute and deliver to Seller a recordable
quit claim deed or other recordable instrument evidencing the termination of Buyer's
rights in the Property, and upon the receipt of such a quit claim deed or other instrument,
Seller must return the Earnest Money to Buyer.
f. If the Parties dispute the validity of an attempted termination of this
Agreement, either Party may initiate a civil action in a court of competent jurisdiction to
determine the status of this Agreement, and the Party that prevails in any such action is
entitled to recover its reasonable attorneys' fees and costs in the action from the non-
prevailing Party.
24. Time. Time is of the essence for all provisions of this Agreement.
25. Survival of Terms. The Parties' obligations under this Agreement survive
Seller's delivery of a deed to Buyer and the closing of this transaction.
26. Notices. All notices provided for in this Agreement must be in writing. The
notice must be effective as of the date two days after the Party sending such notice deposits the
notice with the United States Postal Service with all necessary postage paid, for delivery to the
other Party via certified mail,return receipt requested, at the address set forth in Section 1 above.
If Party delivers a notice provided for in this Agreement in a different manner than described in
the preceding sentence, notice must be effective as of the date the other party actually receives
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the notice. The Party sending the notice must also mail a copy of the notice to the Parties`
respective attorneys via first class United States mail at the addresses set forth below:
Attorney for Buyer: (?)
Attorney for Seller: Peter Beck Law Office
800 Nicollet Mall, Suite 2600
Minneapolis, MN 55402
Attn: Mr. Peter Beck
27. Full Agreement. The Parties acknowledge that this Agreement represents the
full and complete agreement of the Parties relating to the purchase and sale of the Property and
all matters related to the purchase and sale of the Property. This Agreement supersedes and
replaces any prior agreements, either oral or written, and any amendments or modifications to
this Agreement must be in writing and executed by both Parties to be effective.
28. Governing Law. This Agreement has been made under the laws of the State of
Minnesota and such laws must control its interpretation
29. Effective Date. This Agreement is effective as of the day of January, 2013
(the "Effective Date");provided,however, if Seller and Buyer each execute this Agreement
without having completed the blanks in this Section 29,the Effective Date is the later of the
dates inserted on the signature pages of this Agreement.
Dated: SELLER:
THE ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF ELK
RIVER, a body corporate and politic,
organized under Minnesota Statutes,
Chapter 469
By
Its President
By
Its Vice President
By
Its Executive Director
10
''
Dated: 1(2--q i BUYER:
By -'`?J
Its .Ne Vii'`
By
Its
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EXTRACT OF MINU'T'ES OF MEETING OF THE
BOARD OF COMMISSIONERS OF THE ELK RIVER ECONOMIC
DEVELOPMENT AUTHORITY,SHERBURNE COUNTY,MINNESOTA
Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of
the Elk River Economic Development Authority, Minnesota,was duly held in the City Hall in the City
of Elk River,on March 11,2013,commencing at 5:30 p.m.
The following members were present:
and the following were absent:
* * * * ** * * *
Member introduced the following resolution and moved its adoption:
RESOLUTION NO. 13-02
A RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT
WHEREAS,the Economic Development Authority of the City of Elk River,Minnesota (the
"Authority") has caused to be prepared a Purchase Agreement (the"Purchase Agreement");between
the Authority and Provo Enterprises,LLC,a Minnesota limited liability company(the"Developer")
under Minnesota Statutes,Section 469.105.
NOW,THEREFORE,BE IT RESOLVED by the Economic Development Authority of Elk River as
follows:
Section. The Board of Commissioners hereby determines that the sale is advisable and approves
the Purchase Agreement in substantially the form submitted,and the President,Vice President and
Executive Director are hereby authorized and directed to execute the Purchase Agreement on behalf of
the Authority;and
Section 2. The decision to sell the property is placed on the records of the Authority as of the date
hereof.
The motion for adoption of the foregoing resolution was duly seconded by member
and,after full discussion thereof,and upon a vote being taken thereof,the following voted in favor
thereof:
and the following voted against same:
The motion for adoption of the foregoing resolution was duly seconded by member
, and after full discussion thereof, and upon a vote being taken thereof,
the following voted in favor thereof:
* * * * * *
And the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
Passed and adopted by the Elk River Economic Development Authority this 11th day of March,2013.
A I EST: Dan Tveite,President
Suzanne Fischer,Executive Director
STATE OF MINNESOTA
COUNTY OF SHERBURNE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
I,the undersigned,being the duly qualified and acting Executive Director of the Economic
Development Authority of the City of Elk River,Minnesota,DO HEREBY CERTIFY that I have
carefully compared the attached foregoing extract of minutes with the original minutes of a meeting of
the Board of Commissioners of the Economic Development Authority of the City of Elk River held on
the date therein indicated,which are on file and of record in my office and the same is a full,true and
complete transcript therefrom insorfar as the same relates to a Resolution Authorized the Execution of
a Purchase Agreement.
WITNESS my hand as such Executive Director of the Economic Development Authority of the City
of Elk River this day of March,2013.
Executive Director