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CITY OF ELK RIVER' <br />COUNTY OF SHERBURNE <br /> STATE OF MINNESOTA <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT <br />RESPECTING SOFTPAC PROJECT <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City <br />of Elk River, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br /> (a) The City has the powers provided in Minnesota <br />Statutes, Sections 469.124 through 469.134 (the "Act"). <br /> <br /> (b) Pursuant to and in furtherance of the objectives of <br />the Act, the City has undertaken a program to promote <br />redevelopment of certain land within the City, and in this <br />connection is engaged in carrying out its development project <br />known as its Development District No. 1 (the "Development <br />District") in an area (the "Project Area") located in the <br />City. <br /> <br /> (c) There has been approved by the Council, pursuant to <br />the Act, a Development Program for the Development District, <br />as amended (the "Development Program"). <br /> <br /> (d) In order to achieve the objectives of the <br />Development Program and particularly to make the land in the <br />Project Area available for redevelopment by private enterprise <br />in conformance with the Development Program, the City has <br />determined to provide substantial aid and assistance in <br />connection with the Development Program through the financing <br />of certain of the public costs of development in the Project <br />Area. <br /> <br /> (e) Opus Northwest, L.L.C. (the "Company"), has <br />presented the City with a proposal for the construction within <br />the Project Area of certain improvements, and a certain <br />Development Assistance Agreement (the "Agreement") between the <br />City and the Company, stating the terms and conditions of such <br />development and the City's and the Company's responsibilities <br />respecting the assistance thereof, has been presented to the <br />Council for its consideration. <br /> <br /> 2. The Council hereby approves the Agreement substantially in <br />the form presented to the Council and hereby authorizes the Mayor <br />and City Clerk, in their discretion and at such time, if any, as <br /> <br />1198072. I <br /> <br /> <br />