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Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk <br />River, Minnesota, was duly held in the City Hall in the Ciry of Elk River, on July 18, 2011, <br />commencing at or after 6:30 P.M. <br />The following members were present: <br />and the following were absent: <br /> <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION NO. I I - <br />RESOLUTION APPROVING AN ASSIGNMENT OF TAX ABATEMENT <br />BE IT RESOLVED By the Ciry Council (the "City Council") of the City of Elk River, <br />Sherburne County, Minnesota (the "City") as follows: <br />Section 1. Background; Findings. <br />(a) The City has entered into a Tax Abatement and Business Subsidy Agreement dated <br />February 28, 2006 (the "Abatement Agreement"), with Jon Jacobs and on December 20, 2006 the <br />City consented to the assignment of Jon Jacobs' interest in the Abatement Agreement to CPE <br />Exchange 25613, LLC, a real estate holding company of which he is the sole member (together with <br />Jon Jacobs, the "Assignor"). <br />(b) The Assignor has, on June 30, 2011, conveyed that certain real property, legally <br />described as Lot 2, Block 2, Elk River Business Park, Sherburne County, Minnesota (the "Tax <br />Abatement Property"), to CPE Exchange 26404, LLC which has leased the Tax Abatement <br />388753v2 JSB EL185-13 <br />