RES 08-05 • EXTRACT OF MINUTES OF MEETING
OF THE BOARD OF COMMISSIONERS OF THE
ECONOMIC DEVELOPMENT AUTHORITY OF THE
CITY OF ELK RIVER, MINNESOTA
HELD: April 14, 2008
Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the
Economic Development Authority of the City of Elk River, Sherburne County, Minnesota, was
duly called and held at the City Hall in said City on Monday, the 14th day of April, 2008, at 5:30
o'clock p.m.
The following members were present: President Gongoll,Commissioners Dwyer,Farber,
Klinzing,Motin,Tveite,and Zerwas
and the following were absent: None
Member Tveite introduced the following resolution and moved its adoption:
RESOLUTION 080-05, AUTHORIZING
EXECUTION OF ABATEMENT AGREEMENTS
A. WHEREAS, Envison Company, LLC, a Minnesota limited liabilitycompany
(the
"Developer") desires to purchase certain real property identified as Lot 4, Block 1,
NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75-
757-0120 (the "Land") on which the Developer or Sportech, Inc. will construct an approximately
80,000 square foot light industrial facility located at 17464 Tyler Street NW, Sherburne County,
Elk River, Minnesota(the "Project").
B. WHEREAS, the Economic Development Authority of the City of Elk River (the
"Authority") and the Developer have determined to enter into a Purchase Agreement providing
for the Authority's conveyance of the Land to the Developer for the purpose of constructing the
Project(the "Purchase Agreement").
C. WHEREAS, the Purchase Agreement provides that the Authority will convey the
Land to the Developer at less than fair market value and the Authority has requested that the City
of Elk River, Minnesota (the "City") and Sherburne County, Minnesota (the "County")
reimburse the Authority for the amount of the discount in the price of the Land with tax
abatements in accordance with Minnesota Statutes, Sections 469.1812 through 469.1815.
D. WHEREAS, the Authority has requested that the City and the County each enter
into a Tax Abatement Agreement providing for the reimbursement of the Authority for a portion
of the cost of the Land in connection with the Project (collectively, the "Abatement
• Agreements").
2161223v1
• NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Authority, as follows:
1. The Board of Commissioners hereby approves the Abatement Agreements in
substantially the forms submitted, and the Chair and Secretary of the Authority are hereby
authorized and directed to execute the Abatement Agreements on behalf of the Authority, subject
to the approval thereof by the City and the County.
2. The approval hereby given to the Abatement Agreements includes approval of
such additional details therein as may be necessary and appropriate and such modifications
thereof, deletions therefrom and additions thereto as may be necessary and appropriate and
approved by the Authority officials authorized by this resolution to execute the Abatement
Agreements. The execution of the Abatement Agreements by the appropriate officer or officers
of the Authority shall be conclusive evidence of the approval of the Abatement Agreements in
accordance with the terms hereof
The motion for adoption of the foregoing resolution was duly seconded by member
Klinzing and, after full discussion thereof, and upon a vote being taken thereof, the following
voted in favor thereof:
President Gongoll, Commissioners Dwyer, Farber, Klinzing, Motin, Tveite, and Zerwas
and the following voted against same: No one
•
Adopted this 14th day of April, 2008.
A NeE
'resi� = i. goll
Attest:
Recording Secretary
•
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• STATE OF MINNESOTA
COUNTY OF SHERBURNE
ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF
ELK RIVER
I, the undersigned, being the duly qualified and acting Recording Secretary of the
Economic Development Authority of the City of Elk River, Minnesota, DO HEREBY CERTIFY
that I have carefully compared the attached and 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, Minnesota 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 insofar as the
same relates to a Resolution Authorizing Execution of Tax Abatement Agreements.
WITNESS my hand as such Recording Secretary of the Board of Commissioners of the
• Economic Development Authority of the City of Elk River, Minnesota this 15th day of April,
2008.
Recording Secretary
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