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<br />CITY OF ELK RIVER <br /> <br /> <br />RESOLUTION #2015-____ <br /> <br />APPROVING PROPERTY TAX ABATEMENT FOR <br />CERTAIN REAL PROPERTY IN THE CITY PURSUANT TO <br />MINNESOTA STATUTES, SECTIONS 469.1812 TO 469.1815 <br />AND SPECIFYING THE TERMS THEREOF <br /> <br />WHEREAS, the City of Elk River, Minnesota (the “City”) is authorized by Minnesota Statutes, <br />Sections 469.1812 to 469.1815 (the “Abatement Act”) to grant a property tax Abatement (as defined in <br />Section 3 of this resolution) in order to achieve one or more public purposes identified in the <br />Abatement Act; <br /> <br />WHEREAS, the City has reviewed a proposal by Envision Company, LLC (the “Developer”) <br />to construct an approximately 105,000 square foot manufacturing facility (the “Facility”) to be located <br />in the City on the property identified as Lots 1 and 2, Block 2, Natures Edge Business Center Second <br />Addition, tax parcel numbers 758280205 and 758280210 (the “Development Property”); <br /> <br />WHEREAS, the City proposes to sell the Development Property to the Developer, and to that <br />end, the City will consider approving a Purchase Agreement between the City and Developer (the <br />“Purchase Agreement”); <br /> <br />WHEREAS, the Development Property is not located in a tax increment financing district; <br /> <br />WHEREAS, the City and the Economic Development Authority of the City of Elk River (the <br />“EDA”) have also determined that is reasonable and necessary to provide certain financial assistance to <br />Developer in order to facilitate Developer’s plans for the Facility and the Development Property, and to <br /> <br />that end, the City will consider approving aTax Abatement Agreement between the City and Developer <br />(the “Abatement Agreement”) and, pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995, a <br />Business Subsidy Agreement between the City and Sportech, Inc. (the “Subsidy Agreement”); <br /> <br />WHEREAS, among other things, the proposed Abatement Agreement will provide that the <br />City will assist the Developer in financing the cost of the acquisition of the Development Property and <br />a portion of the cost of the Facility, subject to certain terms and conditions, including the adoption of <br />this resolution (the “Abatement Assistance”); and the Developer will construct the Facility, subject to <br />certain terms and conditions; <br /> <br />WHEREAS, on the date hereof, the City conducted a duly noticed public hearing on the <br />Abatement at which the views of all interested persons were heard; <br /> <br /> WHEREAS, all capitalized terms in this resolution have the meanings provided in the <br />Abatement Agreement unless context clearly requires otherwise; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY the City Council (the “Council”) of the <br />City of Elk River, Minnesota as follows: <br /> <br />464689v1 EL185-31 <br />