EDA RES 23-02THE ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER, MINNESOTA
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO.23-02
RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER
AND THUNDERSTRUCK EXTERIORS, INC., AND APPROVING THE
CONVEYANCE OF LAND CONTAINED THEREIN.
WHEREAS, The Economic Development Authority of the City of Elk River, Minnesota (the
"EDA") is the fee owner of real property located in Elk River, Sherburne County, Minnesota, (the "City")
and consisting of land containing approximately 4.69 acres legally described in Exhibit A attached
hereto and located at 10835 170' Avenue NW in the City (the "Real Property"); and
WHEREAS, the EDA has reviewed a proposal by Thunderstruck Exteriors, Inc., a Minnesota
corporation (the "Developer"), to purchase the Real Property from the EDA; and
WHEREAS, the EDA and the Developer have negotiated a certain Real Estate Purchase
Agreement (the "Purchase Agreement") in connection with the conveyance of the Real Property; and
WHEREAS, on May 15, 2023, the EDA conducted a duly noticed public hearing regarding the
sale of the Real Property to Developer, at which all interested persons were given an opportunity to be
heard; and
WHEREAS, the EDA finds and determines that conveyance by the EDA of the Real Property
to the Developer is for a public purpose and is in the best interests of the City and its residents because
it will further the objectives of the EDA's general plan of economic development for the City, will help
increase the tax base in the City, and will create new jobs in the City.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (`Board") of The
Economic Development Authority of the City of Elk River as follows:
1. The Board approves the Purchase Agreement in substantially the form presented to the
Board, including the provisions for the conveyance of the Real Property therein, together with any related
documents or certifications necessary in connection therewith, including without limitation all documents
and certifications referenced in or attached to the Purchase Agreement, and any deed or other documents
necessary to convey the Real Property to Developer, all as described in the Purchase Agreement
(collectively, the "Purchase Documents") and the President and the Executive Director are hereby
authorized and directed to execute the Purchase Documents on behalf of the EDA and to carry out, on
behalf of the EDA, the EDA's obligations thereunder when all conditions precedent thereto have been
satisfied.
2. EDA staff and officials are authorized to take all actions necessary to perform the EDA's
obligations under the Purchase Documents as a whole, including without limitation execution of any
documents or certifications to which the EDA is a party referenced in or attached to the Purchase
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Agreement, and any deed or other documents necessary to convey the Real Property to Developer.
3. The approval hereby given to the Purchase Documents 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 legal counsel to
the EDA and by the officers authorized herein to execute said documents prior to their execution; and
said officers are hereby authorized to approve said changes on behalf of the EDA subject to the following
conditions: (a) such modifications do not materially adversely affect the interests of the EDA; and (b)
such modifications do not contravene or violate any policy of the EDA or applicable provision of law.
The execution of any instrument by the appropriate officers of the EDA herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms hereof. In the event
of absence or disability of the officers, any of the documents authorized by this Resolution to be executed
may be executed without further act or authorization of the Board by any duly designated acting official,
or by such other officer or officers of the Board as, in the opinion of the EDA Attorney, may act in their
behalf. This Resolution shall not constitute an offer and the purchase agreement shall not be effective
until the date of execution thereof.
4. Upon execution and delivery of the Purchase Documents, the officers and employees of
the EDA are hereby authorized and directed to take or cause to be taken such actions as may be necessary
on behalf of the EDA to implement the Purchase Documents.
EL185-73-872872.v1 2
Approved by the Board of Commissioners of The Economic Development Authority of the
City of Elk River this 15' day of May, 2023.
President
ATTEST:
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Executive Director
EL185-73-872872.v1
EXHIBIT A
LEGAL DESCRIPTION OF THE REAL PROPERTY
Lot 1, Block 1, Natures Edge Business Center, according to the recorded plat thereof, County of
Sherburne, State of Minnesota.
PID No.: 75-820-0105
A-1
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