88-071 RES
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RESOLUTION 88-71
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION APPROVING THE PURCHASE OF INDUSTRIAL PROPERTY
FROM ASSOCIATED INVESTORS OF ELK RIVER
WHEREAS, in an effort to encourage the expansion of Altool
Manufacturing Incorporated in the City of Elk River;
and,
WHEREAS, the City has agreed to purchase approximately nine
acres of industrial property from Associated Investors
of Elk River pursuant to a Development Agreement dated
June 20, 1988, by and between Associated Investors of
Elk River and the City of Elk River and a Purchase
Agreement dated August 22, 1988; and,
WHEREAS, Tax Increment Financing District No. 5 has been created
pursuant to Minnesota Statutes Section 469.174 et. seq.,
to recapture the cost of site acquisition to encourage
the expansion of Alltool Manufacturing, Inc.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River that the City does hereby agree to acquire a
general warranty deed for Lots 1, 2, 3, 4, Block 1, Elk
River Industrial Park 2nd Addition (approximately 9.03
acres), for the sum of Two Hundred Twenty-five Thousand
Dollars ($225,000).
Passed and adopted by the City Council of the City of Elk River
this 29th day of August, 1988.
CdJi; c~) 44-'74/(
Estelle E. Gunkel, Mayor
ATTEST:
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Patrick D. Klaers, City Administrator