RES 23-20City
-= City of Elk River
ver City Council
Resolution 23-20
A Resolution of the City Council of the City of Elk River Approving a First
Amendment to Tax Increment Development Agreement with Moyer
Properties, LLC and a Compliance Date Extension to a Business Subsidy
Provided Therein
WHEREAS, on October 5, 2020, pursuant to a Tax Increment Development Agreement,
(the "Agreement"), the City Council (the "Council") of the City of Elk River, Minnesota (the
"City") provided a taxable tax increment revenue note (the "Note") to Moyer Properties,
LLC, a Minnesota limited liability company (the `Borrower"), in the amount of $190,000, to
finance a portion of the land acquisition and site improvement costs related to the
development of a 20,000 square foot warehouse facility in the City to owned by the
Borrower and leased to Shoot Steel, Inc., a Minnesota corporation (the "Tenant"); and
WHEREAS, the Agreement includes a business subsidy agreement under Minnesota
Statutes, Sections 116J.993 to 116J.995, as amended (the "Business Subsidy Act"), which set
forth certain job and wage goals to be satisfied by the Tenant, as stipulated in a certain lease
between the Borrower and the Tenant, prior to the compliance date as set forth in the
Agreement (the "Compliance Date"); and
WHEREAS, the Borrower has requested an extension of the Compliance Date for up to one
year; and
WHEREAS, the Council held a duly noticed public hearing on this date hereof as required
by Section 116J.994, subdivision 5 of the Business Subsidy Act regarding the extension of the
Compliance Date; and
WHEREAS, the City and the Borrower desire to amend the Agreement to reflect the
extension of the Compliance Date as described in a First Amendment to the Tax Increment
Development Agreement (the "Amendment"); and
WHEREAS, the City believes that approval of the Amendment is in the best interest of
the City and its residents.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows:
1. The Council hereby approves the Amendment in substantially the form presented to
tj the Council, together with any related documents necessary in connection therewith
(collectively, the "Amendment Documents"), and hereby authorizes the Mayor and City
Clerk to execute any such Amendment Documents to which the City is a party, on behalf of
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the City, and to carry out, on behalf of the City, the obligations of the City thereunder when
all conditions precedent thereto have been satisfied.
2. The approval hereby given to the Amendment 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 City and by the officers authorized herein or by the City to
execute said documents prior to their execution; and said officers are hereby authorized to
approve said changes on behalf of the City. The execution of any instrument by the
appropriate officers of the City 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 to be executed by this resolution may be executed
without further act or authorization of the Council by any duly designated acting official, or
by such other officer or officers of the Council as, in the opinion of the City Attorney, may
act in their behalf.
3. Upon execution and delivery of the Amendment Documents, the officers and employees
of the City are hereby authorized and directed to take or cause to be taken such actions as
may be necessary on behalf of the City to implement the Amendment Documents, when all
conditions precedent thereto have been satisfied.
Passed and adopted this 5t' day of June 2023.
hn J. .7ietz, yor
ATTEST:
Tina Allard, City Clerk
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