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<br /> <br />THE ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER, MINNESOTA <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 23-02 <br /> <br /> RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER <br />AND THUNDERSTRUCK EXTERIORS, INC., AND APPROVING THE <br />CONVEYANCE OF LAND CONTAINED THEREIN. <br /> <br /> WHEREAS, The Economic Development Authority of the City of Elk River, Minnesota (the <br />“EDA”) is the fee owner of real property located in Elk River, Sherburne County, Minnesota, (the “City”) <br />and consisting of land containing approximately 4.69 acres legally described in Exhibit A attached <br />th <br />hereto and located at 10835 170 Avenue NW in the City (the “Real Property”); and <br /> <br /> WHEREAS, the EDA has reviewed a proposal by Thunderstruck Exteriors, Inc., a Minnesota <br />corporation (the “Developer”), to purchase the Real Property from the EDA; and <br /> <br /> WHEREAS, the EDA and the Developer have negotiated a certain Real Estate Purchase <br />Agreement (the “Purchase Agreement”) in connection with the conveyance of the Real Property; and <br /> <br /> WHEREAS, on May 15, 2023, the EDA conducted a duly noticed public hearing regarding the <br />sale of the Real Property to Developer, at which all interested persons were given an opportunity to be <br />heard; and <br /> <br /> WHEREAS, the EDA finds and determines that conveyance by the EDA of the Real Property <br />to the Developer is for a public purpose and is in the best interests of the City and its residents because <br />it will further the objectives of the EDA’s general plan of economic development for the City, will help <br />increase the tax base in the City, and will create new jobs in the City. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (“Board”) of The <br />Economic Development Authority of the City of Elk River as follows: <br /> <br /> 1. The Board approves the Purchase Agreement in substantially the form presented to the <br />Board, including the provisions for the conveyance of the Real Property therein, together with any related <br />documents or certifications necessary in connection therewith, including without limitation all documents <br />and certifications referenced in or attached to the Purchase Agreement, and any deed or other documents <br />necessary to convey the Real Property to Developer, all as described in the Purchase Agreement <br />(collectively, the “Purchase Documents”) and the President and the Executive Director are hereby <br />authorized and directed to execute the Purchase Documents on behalf of the EDA and to carry out, on <br />behalf of the EDA, the EDA’s obligations thereunder when all conditions precedent thereto have been <br />satisfied. <br /> <br />2. EDA staff and officials are authorized to take all actions necessary to perform the EDA’s <br />obligations under the Purchase Documents as a whole, including without limitation execution of any <br />documents or certifications to which the EDA is a party referenced in or attached to the Purchase <br />1 <br />EL185-73-872872.v1 <br /> <br />