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u <br />City of Elk River <br />City Council <br />Resolution 23-45 <br />A Resolution of the City Council of the City of Elk River Authorizing the <br />Conveyance of Property Owned by the City of Elk River to the Economic <br />Development Authority for the City of Elk River, Minnesota <br />WHEREAS, the City of Elk River, Minnesota, (the "City") is the fee owner of certain real <br />property located at 10835 170th Avenue NW (PID No. 75-820-0105), legally described as: <br />Lot 1, Block 1, Natures Edge Business Center, according to the recorded plat thereof, <br />County of Sherburne, State of Minnesota (the "Property"); and <br />WHEREAS, there is no future use of the Property contemplated by the City; and <br />WHEREAS, Thunderstruck Exteriors, Inc., a Minnesota business corporation (the <br />"Developer"), proposed that it would like to purchase and develop the Property, and on <br />May 19, 2023, entered into a purchase agreement with the Economic Development <br />Authority for the City of Elk River, Minnesota (the "EDA") for the purchase and <br />development of the Property; and <br />WHEREAS, the City desires to work with the EDA to facilitate the conveyance of the <br />Property to the Developer; and <br />WHEREAS, the City is authorized to convey real property to the EDA pursuant to <br />Minnesota Statutes, Sections 465.035 and 471.64; and <br />W H E REAS, the City and the EDA have followed applicable statutory provisions, <br />including but not limited to, Minnesota Statutes, Section 465.035, Minnesota Statutes, <br />Section 469.101 and Minnesota Statutes, Section 471.64, in authorizing the conveyance of <br />the Property; and <br />WHEREAS, the City has determined it is most cost effective to convey the Property to <br />the EDA by this Resolution and a standard quit claim deed; and <br />WHEREAS, the Property shall be subsequently conveyed by the EDA to the Developer <br />pursuant to Minnesota Statutes, Section 469.105 for development purposes; and <br />WHEREAS, the City finds and determines that conveyance of the Property as <br />contemplated herein to the EDA is for a public purpose and is in the public interest. <br />Np 0 1 1 A f 9 1 1 <br />ATURE <br />EL 185-73-913102.v l <br />