88-072 RES
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RESOLUTION 88 -72
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION APPROVING THE SALE OF INDUSTRIAL PROPERTY FROM
THE CITY OF ELK RIVER TO ALLTOOL MANUFACTURING INCORPORATED
WHEREAS, in an effort to encourage the expansion of Alltool
Manufacturing Incorporated in the City of Elk River;
and,
WHEREAS, the City has acquired approximately nine acres of
industrial property pursuant to a Development Agreement
dated June 20, 1988, for the sum of Two Hundred Twenty-
five Thousand Dollars ($225,000); and,
WHEREAS, Tax Increment Financing District No. 5 has been created
pursuant to Minnesota Statutes Section 469.174 et.
~, for sale to 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 convey a
general warranty deed for Lots 1, 2, 3, 4, Block 1, Elk
River Industrial Park 2nd Addition (approximately 9.03
acres), pursuant to the terms of Tax Increment
Financing Plan No.5 for the sum of One Dollar ($1.00).
Passed and adopted by the City Council of the City of Elk River
this 29th day of August, 1988.
(d;Jb L;) Jit-{/YlhJ
Estelle E. Gunkel, Mayor
ATTEST:
~J?1
.~_~t~.
Patrick D. Klaers, City Administrator