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EXTRACT OF MINU'T'ES OF MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE ELK RIVER ECONOMIC <br /> DEVELOPMENT AUTHORITY,SHERBURNE COUNTY,MINNESOTA <br /> Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of <br /> the Elk River Economic Development Authority, Minnesota,was duly held in the City Hall in the City <br /> of Elk River,on March 11,2013,commencing at 5:30 p.m. <br /> The following members were present: <br /> and the following were absent: <br /> * * * * ** * * * <br /> Member introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 13-02 <br /> A RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT <br /> WHEREAS,the Economic Development Authority of the City of Elk River,Minnesota (the <br /> "Authority") has caused to be prepared a Purchase Agreement (the"Purchase Agreement");between <br /> the Authority and Provo Enterprises,LLC,a Minnesota limited liability company(the"Developer") <br /> under Minnesota Statutes,Section 469.105. <br /> NOW,THEREFORE,BE IT RESOLVED by the Economic Development Authority of Elk River as <br /> follows: <br /> Section. The Board of Commissioners hereby determines that the sale is advisable and approves <br /> the Purchase Agreement in substantially the form submitted,and the President,Vice President and <br /> Executive Director are hereby authorized and directed to execute the Purchase Agreement on behalf of <br /> the Authority;and <br /> Section 2. The decision to sell the property is placed on the records of the Authority as of the date <br /> hereof. <br /> The motion for adoption of the foregoing resolution was duly seconded by member <br /> and,after full discussion thereof,and upon a vote being taken thereof,the following voted in favor <br /> thereof: <br /> and the following voted against same: <br />