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1 <br />EL185-73-872872.v1 <br />THE ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER, MINNESOTA <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br />RESOLUTION NO. 24-__ <br />RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER <br />AND JAVA COMPANIES LLC., AND APPROVING THE CONVEYANCE OF <br />LAND CONTAINED THEREIN. <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 3.0 acres legally described in Exhibit A attached <br />hereto and located at 13530 & 13566 185th Avenue NW in the City (the “Real Property”); and <br />WHEREAS, the EDA has reviewed a proposal by Java Companies, LLC, a Minnesota <br />corporation (the “Developer”), to purchase the Real Property from the EDA; and <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 />WHEREAS, on March 18, 2024, and continued on April 15, 2024, the EDA conducted a duly <br />noticed public hearing regarding the sale of the Real Property to Developer, at which all interested persons <br />were given an opportunity to be heard; and <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 />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 />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 />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 />Page 29 of 41