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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 City of Elk River, on November 16, 2015, <br /> commencing at or after P.M. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> Resolution No. 15- <br /> A Resolution of the City of Elk River Approving an Assignment and Assumption of Tax <br /> Abatement Agreement, Mortgage and Note <br /> BE IT RESOLVED By the City Council (the "City Council") of the City of Elk River, <br /> Sherburne County,Minnesota(the"Cit ') as follows: <br /> Section 1. Background;Findings. <br /> (a) The City has entered into a Tax Abatement Agreement dated September 14, 2015 <br /> (the "Abatement Agreement"), with Envision Company, LLC, a Minnesota limited liability <br /> company (the "Assignor"), a Mortgage, Security Agreement, Assignment of Leases and Rents, and <br /> Fixture Financing Statement dated September 14, 2015 (the "Mortgage") from the Assignor in <br /> favor of the City and a Promissory Note dated September 14, 2015 (the "Note"). <br /> (b) The Assignor has requested that the City consent to the transfer of Lots 1 and 2, <br /> Block 2, Natures Edge Business Center Second Addition, Sherburne County, located in the City <br /> (the "Property") and the Project (as defined in the Abatement Agreement) and the assignment of <br /> 471033vl JSB BL185-31 <br />