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City of Elk River <br />City Council <br />Resolution 24-31 <br />A Resolution of the City Council of the City of Elk River Approving a <br />Purchase Agreement for the Transfer of Certain City -Owned Property to <br />PLM Properties, LLC <br />BE IT RESOLVED by the City Council (the "Council" of the City of Elk River, <br />Minnesota (the "City") as follows: <br />Section 1. Recitals. <br />1.01. The City and PLM Properties, LLC, a Minnesota limited liability company, or <br />an entity related thereto or affiliated therewith (the "Seller"), desire to enter into a Purchase <br />Agreement (the "Purchase Agreement") pursuant to which the City will transfer certain <br />property in the City legally described in Exhibit A attached hereto (the "Property") to the <br />Seller. The Seller intends to construct and equip on the Property an approximately 110,000 <br />square foot industrial warehouse facility to be operated by Heritage Millwork, Inc., a <br />Minnesota corporation (the "Tenant"), as part of a relocation of and expansion to the <br />Tenant's existing business (the "Development"). <br />1.02. Pursuant to the Purchase Agreement, the Seller will purchase the Property <br />from the City for a total purchase price of $1,378,020.60, in the form of cash in the amount <br />of $1.00 and with a purchase price note in the amount of $1,378,019.60 (the "Purchase Price <br />Note"). The terms and conditions of the Purchase Price Note shall be detailed in a <br />Development Assistance Agreement by and among the City, the Seller and the Tenant, to be <br />approved by the Council at a later date. <br />1.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Planning <br />Commission of the City met on May 28, 2024, and reviewed the proposed disposal of the <br />Property and found that the disposal is in confornty to the City's comprehensive plan (the <br />"Comprehensive Plan") because the Property is designated for "business park" land use <br />within the Comprehensive Plan and the City's intends to sell the Property to the Seller who <br />plans to construct an industrial warehouse facility thereon in conformity with the land use <br />designation assigned by the Comprehensive Plan. <br />1.04. The City finds that disposal of the Property conforms to the Comprehensive <br />Plan and further finds that it will facilitate economic development in the City by allowing the <br />City to convey the Property to a private developer. <br />P 0 N E 0 E 0 0 1 <br />NATURE <br />