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EXTRACT OF MINUTES OF MEETING <br /> • <br /> OF THE CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> HELD: December 6, 2004 <br /> Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk <br /> River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on <br /> Monday, the 6th day of December, 2004, at 6:30 o'clock p.m. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its <br /> adoption: <br /> RESOLUTION AUTHORIZING EXECUTION OF <br /> A DEVELOPMENT AGREEMENT <br /> A. 'WHEREAS, MetroPlains Development, LLC (the "Developer") has requested • <br /> that the City of Elk River, Minnesota (the "City") assist with the financing of certain costs of <br /> acquiring approximately one acre of real property located in the City, demolishing and clearing <br /> the existing structures thereon and constructing approximately 68 units of owner-occupied <br /> housing and approximately 10,820 square feet of retail space, together with related parking <br /> facilities (the "Bluff Block Development") and constructing approximately 32 units of rental <br /> housing and approximately 13,000 square feet of retail space, together with related parking <br /> facilities, (the "Jackson Block Development"), to be undertaken by the Developer in the City <br /> (collectively, the "Project"). <br /> B. WHEREAS, the Developer and the City have determined to enter into a <br /> Development Agreement providing for the City's assistance for the Project (the "Agreement"). <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br /> Minnesota, as follows: <br /> 1. The City Council hereby approves the Agreement in substantially the form <br /> submitted, and the Mayor and Administrator are hereby authorized and directed to execute the <br /> Agreement on behalf of the City. <br /> 2. The approval hereby given to the Agreement includes approval of such additional <br /> details therein as may be necessary and appropriate and such modifications thereof, deletions <br /> therefrom and additions thereto as may be necessary and appropriate and approved by the City <br /> officials authorized by this resolution to execute the Agreement. The execution of the • <br /> 1713762v1 <br />