RES 15-71Extract of Minutes of Meeting of the
City Council of the City of Elk River, Sherburne County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk
River, Minnesota, was duly held in the City Hall in the City of Elk River, on November 16, 2015,
commencing at or after 6:00 P.M.
The following members were present:
Mayor Dietz; Councilmembers Burandt, Olsen, Westgaard, and Wagner
and the following were absent:
None
Member We s tgaard introduced the following resolution and moved its adoption:
Resolution No. 15-71
A Resolution of the City of Elk River Approving an Assignment and Assumption of Tax
Abatement Agreement, Mortgage and Note
BE IT RESOLVED By the City Council (the "City Council") of the City of Elk River,
Sherburne County, Minnesota (the "City's as follows:
Section 1. Background: Findines.
(a) The City has entered into a Tax Abatement Agreement dated September 14, 2015
(the "Abatement Agreement', with Envision Company, LLC, a Minnesota limited liability company
(the "Assignor"), a Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture
Financing Statement dated September 14, 2015 (the "Mortgage") from the Assignor in favor of the
City and a Promissory Note dated September 14, 2015 (the "Note'.
(b) The Assignor has requested that the City consent to the transfer of Lots 1 and 2,
Block 2, Natures Edge Business Center Second Addition, Sherburne County, located in the City (the
"Property") and the Project (as defined in the Abatement Agreement) and the assignment of the
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Assignor's rights and obligations under the Abatement Agreement, Mortgage and Note and the
Project and property described therein to Envision 3, LLC, (the "Assignee") pursuant to an
Assignment and Assumption of Tax Abatement, Mortgage and Note by and between the Assignor
and the Assignee (the "Assignment and Assumption Agreement").
Section 2. Approval of Assignment.
(a) The City hereby consents to the transfer the Property and the Project and the
assignment of the Assignor's rights and obligations under the Abatement Agreement, Mortgage and
Note to the Assignee pursuant to the Assignment and Assumption Agreement.
(b) The Assignment and Assumption Agreement is hereby approved in substantially the
form submitted to the City.
(c) The Mayor and the City Clerk are hereby authorized to execute the Consent and
Agreement to the Assignment and Assumption Agreement on behalf of the City.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Wagner I and upon vote being taken thereon, the following voted in favor thereof
Mayor Dietz, Councilmembers Burandt, Olsen, Westgaard, and Wagner
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
Passed and adopted this 16a' day of November 2015.
,�w@q -
J n J. bietz,1Aa r
ATTEST:
Tina Allard, City Clerk
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