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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 March 21, 2016, <br />commencing at or after P.M. <br />The following members were present: <br />and the following were absent: <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 16 - <br />RESOLUTION APPROVING AN ASSIGNMENT AND ASSUMPTION OF TAX <br />ABATEMENT AGREEMENT AND AN AMENDMENT TO TAX <br />ABATEMENT AGREEMENT <br />BE IT RESOLVED By the City Council (the "City Council') of the City of Elk River, <br />Sherburne County, Minnesota (the "City') as follows: <br />Section 1. Background; Findings. <br />(a) The City has entered into a Tax Abatement Agreement dated September 14, 2016 <br />(the "Abatement Agreement"), with Envision Company, LLC, a Minnesota limited liability <br />company, which was previously assigned to Envision 3, LLC, a Minnesota limited liability company <br />(the "Assignor"), and in connection therewith received a Mortgage, Security Agreement, <br />Assignment of Leases and Rents, and Fixture Financing Statement dated September 14, 2016 (the <br />"Mortgage") from the Assignor in favor of the City and a Promissory Note dated September 14, <br />2016 (the "Note"). <br />476680v1 JSB EL185-31 <br />