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<br /> <br /> <br /> <br /> <br />Resolution 16-____ <br /> <br />A Resolution of the City of Elk River Approving Property Tax Abatement <br />For Certain Real Property In The City Pursuant To Minnesota Statutes, <br />Sections 469.1812 to 469.1815 And Specifying the Terms Thereof <br /> <br />WHEREAS, the City of Elk River, Minnesota (the “City”) is authorized by Minnesota <br />Statutes, Sections 469.1812 to 469.1815 (the “Abatement Act”) to grant a property tax <br />Abatement (as defined in Section 3 of this resolution) in order to achieve one or more public <br />purposes identified in the Abatement Act; and <br /> <br />WHEREAS, the City has reviewed a proposal by Apex Embroidery Design, Inc. (the <br />“Developer”) to construct and equip an approximately 13,312 square foot manufacturing <br />facility to be owned by SBH Properties, LLC and leased to the Developer (the “Facility”) to <br />be located in the City on the property identified as Lot 5, Block 1, Renner Fourth Addition, <br />Sherburne County, Minnesota, parcel identification number 758110125 (the “Development <br />Property”); and <br /> <br />WHEREAS, the Development Property is not located in a tax increment financing district; <br />and <br /> <br />WHEREAS, the City and the Economic Development Authority of the City of Elk River (the <br />“EDA”) have also determined that is reasonable and necessary to provide certain financial <br />assistance to Developer in order to facilitate Developer’s plans for the Facility and the <br />Development Property, and to that end, the City will consider approving a Tax Abatement and <br />Business Subsidy Agreement between the City and Developer (the “Abatement Agreement”); <br />and <br /> <br />WHEREAS, among other things, the proposed Abatement Agreement will provide that the <br />City will assist the Developer in financing a portion of the cost of the Facility, subject to certain <br />terms and conditions, including the adoption of this resolution (the “Abatement Assistance”); <br />and the Developer will construct the Facility, or cause the Facility to be constructed, subject to <br />certain terms and conditions; and <br /> <br />WHEREAS, on the date hereof, the City conducted a duly noticed public hearing on the <br />Abatement at which the views of all interested persons were heard; and <br /> <br />WHEREAS, all capitalized terms in this resolution have the meanings provided in the <br />Abatement Agreement unless context clearly requires otherwise. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br /> <br />