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<br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: February 6, 2006 <br /> <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk <br />River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on <br />Monday, the 6th day of February, 2006, at 6:30 o'clock p.m. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION AUTHORIZING EXECUTION OF <br />A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The Bank of Elk River (the "Developer") proposes to renovate its existing <br />facility in the City and construct an approximately 20,000 square foot expansion thereto <br />(the "Project"). The Developer has requested that the City provide financial assistance to <br />the Developer for the Project. The City proposes to use the abatement for the purposes <br />provided for in the Abatement Law (as hereinafter defined), including the Project. The <br />proposed term of the abatement will be for up to twelve (12) years in an amount not to <br />exceed $300,000. The abatement will apply to 100% of the City's share of the property <br />taxes based on the market value of the property described as Parcel Identification <br />Numbers 75-405-0340 and 75-405-0320 (the "Property") in excess of the market value of <br />Property as improved by the Developer's existing facility prior to expansion and <br />renovation determined by the Sherburne County assessor in 2006 for taxes payable in <br />2007 (the "Abatement"). <br /> <br />(b) On the date hereof, the Council held a public hearing on the question of <br />the Abatement and the business subsidy, and said hearing was preceded by at least 10 <br />days but not more than 30 days prior published notice thereof. <br /> <br />(c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br />through 469.1815 (the "Abatement Law"). <br /> <br />1864927v3 <br />