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HOUSING AND REDEVELOPMENT AUTHORITY <br /> OF THE CITY OF ELK RIVER, MINNESOTA <br /> RESOLUTION NO. <br /> RESOLUTION APPROVING THE PURCHASE OF CERTAIN PROPERTY LOCATED AT: <br /> 414 MAIN STREET NW, ELK RIVER,MN <br /> WHEREAS, the Housing and Redevelopment Authority of the City of Elk River (the <br /> "Authority") is authorized pursuant to Minnesota Statutes, Section 469.001 to 469.047, to acquire <br /> and convey real property and to undertake certain activities to facilitate the redevelopment of real <br /> property by private enterprise; and <br /> WHEREAS, to facilitate redevelopment of certain property in the City of Elk River, <br /> Minnesota (the "City"), the Authority proposes to enter into a Purchase Agreement (the "Purchase <br /> Agreement") between the Authority and River Holdings, LLC (the "Seller"), under which, among <br /> other things,the Seller will convey the property located in the City at: 414 Main Street NW, situated <br /> in the State of Minnesota, County of Sherburne, and which is legally described as follows: <br /> Lot 10, Block 1, Auditor's Subdivision No. 5, Sherburne County, Minnesota. <br /> (the"Property")to the Authority; and <br /> NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing <br /> and Redevelopment Authority of the City of Elk River,Minnesota as follows: <br /> I. The Authority hereby approves the Agreement in substantially the form presented to <br /> the Board, including the acquisition of the Property by the Authority, subject to <br /> modifications that do not alter the substance of the transaction and that are approved <br /> by the President and Executive Director, provided that execution of the Agreement <br /> by those officials shall be conclusive evidence of their approval. <br /> 2. Authority staff and officials are authorized to take all actions necessary to perform <br /> the Authority's obligations under the Agreement as a whole, including without <br /> limitation, execution of any documents to which the Authority is a party referenced <br /> in or attached to the Agreement, and other documents necessary to convey the <br /> Property to the Authority, all as described in the Agreement. <br /> 5260500 SJS EL185-48 <br />