8.3. EDSR 08-08-2005 - Laserfiche WebLink

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• EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: August 15, 2005 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 15th day of August, 2005, at 6:30 o'clock p.m. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING EXECUTION OF A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT • BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota(the "City"), as follows: 1. Recitals. (a) iedical Extrusion Technologies, Inc.:)or a related entity(the "Developer") proposes to construct an approximately 20,000 square foot light industrial facility in the City (the "Project"). The Developer has requested that the City provide financial assistance to the Developer for the Project. The City proposes to use the abatement for the purposes provided for in the Abatement Law (as hereinafter defined), including the Project. The proposed term of the abatement will be for up to fifteen years in an amount not to exceed $127,716. The abatement will apply to 100% of the City's share of the property taxes (the "Abatement") derived from the property described as Lot 2, Block 2, Northstar Business Park (the "Property"). (b) The Developer and the City have determined to enter into a Tax Abatement and Business Subsidy Agreement providing for the City's tax abatement assistance for the Project (the "Agreement"). (c) On the date hereof, the Council held a public hearing on the question of the Abatement and business subsidy, and said hearing was preceded by at least 10 days • but not more than 30 days prior published notice thereof. (d) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Law"). 1792383v2