EDA RES 20-10ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO.2020-10
RATIFYING THE APPROVAL OF A PURCHASE AGREEMENT AND
CONVEYANCE OF THE PROPERTY LOCATED AT 17565 TYLER STREET,
ELK RIVER, MN TO SHOOT STEEL, INC.
BE IT RESOLVED By the Board of Commissioners of the Economic Development
Authority of the City of Elk River (the "Authority's as follows:
Section 1. Recitals.
1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections
469.090 to 469.1081 (the "EDA Act', to acquire and convey real property and to undertake
certain activities to facilitate the development of real property by private enterprise.
1.02. On 2020, the Authority approved that certain Purchase
Agreement with Shoot Steel, Inc. ("Shoot Steel' to allow Shoot Steel to purchase the
property owned by the Authority that is legally described as:
Lot 1, Block 2, Northstar Business Park, according to the recorded plat thereof,
Sherburne County, Minnesota
(the "Property').
1.03. The Authority has on this date conducted a duly noticed public hearing
regarding the sale of the Property to Shoot Steel, at which all interested persons were given
an opportunity to be heard.
1.04. The Authority finds and determines that the conveyance of the Property to
Shoot Steel is in the public interest and will further the objectives of its general plan of
economic development because it will provide an opportunity for increased business and job
opportunities in the City and could serve as an impetus for further development.
Section 2. Authority A royal Egqber Proceeding.
2.01. The Board. hereby ratifies its approval of the Purchase Agreement to Shoot
Steel that was made on. 020.
2.02. Authority staff and officials are authorized to take all actions necessary to
perform the Authority's obligations under the Purchase Agreement as a whole, including,
without limitation, execution of any documents necessary to which the Authority is a party
referenced in or attached to the Purchase Agreement, and any deed or other documents
necessary to convey the Property to Shoot Steel, all as described in the Purchase Agreement.
Approved by the Board of Commissioners of the Economic Development Authority of the
City of Elk River this Z day of 020.
President