Laserfiche WebLink
• EXTRACT OF MINUTES OF MEETING <br /> OF THE BOARD OF COMMISSIONERS OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> HELD: April 14, 2008 <br /> Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the <br /> Economic Development Authority of the City of Elk River, Sherburne County, Minnesota, was <br /> duly called and held at the City Hall in said City on Monday, the 14th day of April, 2008, at 5:30 <br /> o'clock p.m. <br /> The following members were present: President Gongoll,Commissioners Dwyer,Farber, <br /> Klinzing,Motin,Tveite,and Zerwas <br /> and the following were absent: None <br /> Member Tveite introduced the following resolution and moved its adoption: <br /> RESOLUTION 080-05, AUTHORIZING <br /> EXECUTION OF ABATEMENT AGREEMENTS <br /> A. WHEREAS, Envison Company, LLC, a Minnesota limited liabilitycompany <br /> (the <br /> "Developer") desires to purchase certain real property identified as Lot 4, Block 1, <br /> NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75- <br /> 757-0120 (the "Land") on which the Developer or Sportech, Inc. will construct an approximately <br /> 80,000 square foot light industrial facility located at 17464 Tyler Street NW, Sherburne County, <br /> Elk River, Minnesota(the "Project"). <br /> B. WHEREAS, the Economic Development Authority of the City of Elk River (the <br /> "Authority") and the Developer have determined to enter into a Purchase Agreement providing <br /> for the Authority's conveyance of the Land to the Developer for the purpose of constructing the <br /> Project(the "Purchase Agreement"). <br /> C. WHEREAS, the Purchase Agreement provides that the Authority will convey the <br /> Land to the Developer at less than fair market value and the Authority has requested that the City <br /> of Elk River, Minnesota (the "City") and Sherburne County, Minnesota (the "County") <br /> reimburse the Authority for the amount of the discount in the price of the Land with tax <br /> abatements in accordance with Minnesota Statutes, Sections 469.1812 through 469.1815. <br /> D. WHEREAS, the Authority has requested that the City and the County each enter <br /> into a Tax Abatement Agreement providing for the reimbursement of the Authority for a portion <br /> of the cost of the Land in connection with the Project (collectively, the "Abatement <br /> • Agreements"). <br /> 2161223v1 <br />