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EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: February 19, 2008 <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 />Tuesday, the 19th day of February, 2008, at 6:30 o'clock p.m. <br />The following members were present: <br />and the following were absent: <br />Member <br />adoption: <br />introduced the following resolution and moved its <br />RESOLUTION AUTHORIZING EXECUTION OF <br />A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br />1. Recitals. <br />(a) Caswell and Osterman Properties, LLC (the "Developer") proposes to <br />construct an approximately 55,000 square foot light industrial facility in the City (the <br />"Project"). The Developer has requested that the City provide financial assistance to the <br />Developer for the Project. The City proposes to use the abatement for the purposes <br />provided for in Minnesota Statutes, Sections 469.1812 through 469.1815 (the <br />"Abatement Law"), including the Project. The proposed term of the abatement will be <br />for up to thirteen years in an amount not to exceed $411,000. The abatement will apply <br />to 100°/0 of the City's share of the property taxes (the "Abatement") derived from <br />approximately 7.31 acres of the easterly portion of property currently described as Parcel <br />Identification Number 75-131-4100 which is being replatted as Lot 2, Block 1, Portside <br />Addition and which is or will be owned by the Developer (the "Property"). <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 />(c) The Abatement is authorized under the Abatement Law. <br />2. Findings for the Abatement. The City Council hereby makes the following <br />findings: <br />2138913v2 <br />C:\Users\cmehelich\P.ppData\Local\Microsoft\Windows\Temporary Internet Files\OLK4635\PCDOCS-#2138913-v2- <br />Elk River EO Tool RESOLUTION APPROVING TAX ABATEMENT (2).DOC <br />