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City of <br /> Elk City of Elk River <br /> Wver City Council <br /> Resolution 18- <br /> A Resolution of the City Council of the City of Elk River Approving an <br /> Amendment to Tax Abatement Agreement for Mowry Properties, Inc <br /> WHEREAS, the City of Elk River, Minnesota (the "City") and Mowry Properties, Inc. <br /> (the "Developer") previously entered into a Tax Abatement and Business Subsidy Agreement <br /> dated September 4, 2007 (the "Original Agreement") to construct an approximate 60,000 <br /> square foot light industrial facility; <br /> WHEREAS, all capitalized terms in this resolution have the meanings provided in the <br /> Abatement Agreement unless context clearly requires otherwise; <br /> WHEREAS, the Original Agreement and the resolution adopted by the City Council <br /> on July 16, 2007 approving the Original Agreement and the Tax Abatements to be provided <br /> thereunder stated that the term of the Tax Abatements would be for a period of up to 12 years <br /> but the dates stated in the Original Agreement were for a period of only 9 years ending in 2018; <br /> WHEREAS, a period of only 9 years is insufficient to generate Tax Abatements in the <br /> amount of$384,199 as provided in the Original Agreement; <br /> WHEREAS, the Developer has requested that the City amend the Abatement <br /> Agreement to correct the duration of the Tax Abatements pursuant to a First Amendment to <br /> Abatement Agreement by and between the City and the Assignee (the "Amendment"); <br /> NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council") of <br /> the City of Elk River,Minnesota as follows: <br /> 1. Execution of Documents. The City Council hereby approves the Amendment <br /> and any related documents necessary in connection therewith (collectively, the <br /> "Documents") and, the Mayor and City Clerk are hereby authorized and directed to execute <br /> the Documents to which the City is a party on behalf of the City and to carry out, on behalf <br /> of the City, the City's obligations thereunder. In the event of absence or disability of the <br /> officers, any of the Documents authorized by this Resolution to be executed may be <br /> executed without further act or authorization of the Council by any duly designated acting <br /> official, or by such other officer or officers of the City as, in the opinion of the City <br /> Attorney,may act in their behalf. <br /> 2. Finalizing Documents. The approval hereby given to the Documents <br /> includes approval of such additional details therein as may be necessary and appropriate NATUREJ <br />