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• EXTRACT OF MINUTES OF MEETING <br /> OF THE BOARD OF COMMISSIONERS OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY OF <br /> ELK RIVER <br /> HELD: August 8, 2004 <br /> Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners <br /> of the Economic Development Authority of the City of Elk River, Hennepin County, Minnesota, <br /> was duly called and held at the City Hall in said City on Monday, the 8th day of August, 2005, at <br /> 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 <br /> EXECUTION OF A PURCHASE AGREEMENT <br /> • WHEREAS, the Economic Development Authority of the City of Elk River, Minnesota <br /> (the "Authority")has caused to be prepared a Purchase Agreement (the "Purchase Agreement") <br /> between the Authority an -17o Enterprises, LLC a Minnesota limited liability company(the <br /> "Developer") in connection with the sale of certain real property by the Authority to the <br /> Developer(the "Project") under Minnesota Statutes, Section 469.105. <br /> NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of <br /> Elk River as follows: <br /> Section 1. The Board of Commissioners hereby determines that the sale is advisable and <br /> approves the Purchase Agreement in substantially the form submitted, and the President,Vice <br /> President and Executive Director are hereby authorized and directed to execute the Purchase <br /> Agreement on behalf of the Authority; and <br /> Section 2. The decision to sell the property is placed on the records of the Authority as of <br /> the date 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 <br /> following voted in favor thereof: <br /> and the following voted against same: <br /> 1793243v1 <br />