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ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2020-____ <br /> <br />RATIFYING THE APPROVAL OF A PURCHASE AGREEMENT AND <br />CONVEYANCE OF THE PROPERTY LOCATED AT 17565 TYLER STREET, <br />ELK RIVER, MN TO SHOOT STEEL, INC. <br /> <br /> BE IT RESOLVED By the Board of Commissioners of the Economic Development <br />Authority of the City of Elk River (the “Authority”) as follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections <br />469.090 to 469.1081 (the “EDA Act”), to acquire and convey real property and to undertake <br />certain activities to facilitate the development of real property by private enterprise. <br /> <br /> 1.02. On ___________, 2020, the Authority approved that certain Purchase <br />Agreement with Shoot Steel, Inc. (“Shoot Steel”) to allow Shoot Steel to purchase the <br />property owned by the Authority that is legally described as: <br /> <br />Lot 1, Block 2, Northstar Business Park, according to the recorded plat thereof, <br />Sherburne County, Minnesota <br /> <br /> (the “Property”). <br /> <br /> 1.03. The Authority has on this date conducted a duly noticed public hearing <br />regarding the sale of the Property to Shoot Steel, at which all interested persons were given <br />an opportunity to be heard. <br /> <br /> 1.04. The Authority finds and determines that the conveyance of the Property to <br />Shoot Steel is in the public interest and will further the objectives of its general plan of <br />economic development because it will provide an opportunity for increased business and job <br />opportunities in the City and could serve as an impetus for further development. <br /> <br /> Section 2. Authority Approval, Further Proceedings. <br /> <br />2.01. The Board hereby ratifies its approval of the Purchase Agreement to Shoot <br />Steel that was made on __________, 2020. <br /> <br />2.02. Authority staff and officials are authorized to take all actions necessary to <br />perform the Authority’s obligations under the Purchase Agreement as a whole, including, <br />without limitation, execution of any documents necessary to which the Authority is a party <br />referenced in or attached to the Purchase Agreement, and any deed or other documents <br />necessary to convey the Property to Shoot Steel, all as described in the Purchase Agreement.