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<br /> <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER, MINNESOTA <br /> <br />RESOLUTION NO. 19-04 <br /> <br />RESOLUTION APPROVING THE PURCHASE OF CERTAIN PROPERTY LOCATED AT: <br />420 MAIN STREET NW, ELK RIVER, MN <br /> <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 /> <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 Barbara and Jerry Olesen, a married couple (the “Seller”), <br />under which, among other things, the Seller will convey the property located in the City at: 420 <br />Main Street NW, situated in the State of Minnesota, County of Sherburne, and which is legally <br />described as follows: <br /> <br /> Lot 9, Block 1, Auditor’s Subdivision No. 5, Sherburne County, Minnesota. <br /> <br />(the “Property”) to the Authority; and <br /> <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 /> <br />1. 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 /> <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 /> <br /> <br /> <br />526053v1 SJS EL185-48 <br />