RES 08-08 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
• COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION 08- 08
RESOLUTION APPROVING THE ASSIGNMENT OF ASSOCIATED INVESTORS OF
ELK RIVER,INC.'S RIGHT, TITLE AND INTEREST IN THE CONTRACT FOR
PRIVATE REDEVELOPMENT BY AND BETWEEN THE ECONOMIC
DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER AND
ASSOCIATED INVESTORS OF ELK RIVER,INC.,FISHER SAND AND
AGGREGATE,LLP,AND ELK RIVER BUSINESS PARK,LLC
WHEREAS, the Economic Development Authority in and for the City of Elk River
("EDA") has entered into a Contract for Private Redevelopment ("Contract")by and between the
EDA and Associated Investors of Elk River, Inc., Fisher Sand and Aggregate, LLP, and Elk
River Business Park, LLC (collectively, the"Redeveloper"), dated July 30, 1999; and
WHEREAS,pursuant to Section 7 of the Contract, the right, title and interest in the
Contract of each of the developer entities maybe assigned with approval of the EDA,which
approval will not be unreasonably withheld or delayed; and
WHEREAS, the EDA has received a request that it consent to the assignment of
• Associated Investors of Elk River, Inc.'s right, title and interest in the Contract to Ann S. Fisher,
Trustee of the Ann S. Fisher Living Trust u/d/t February 2, 1995; and
WHEREAS, the EDA has determined that the ability of the Redeveloper to perform its
obligations under the Contract will not be materially impaired by the requested assignment;
NOW, THEREFORE,BE IT RESOLVED by the Board of Commissioners of the Elk
River Economic Development Authority that the assignment of Associated Investors of Elk
River, Inc.'s right, title and interest in the contract to Ann S. Fisher, Trustee of the Ann S. Fisher
Living Trust u/d/t February 2, 1995 is hereby approved.
Dated: November 10, 2008
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Patrick Dwyer,President
ATTEST:
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Car enne Mehelich, Executive Director
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