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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 />Monday, the 19th day of February, 2008, at o'clock p.m. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. <br />AUTHORIZING EXECUTION OF AN <br />AMENDMENT TO TAX ABATEMENT AND <br />BUSINESS SUBSIDY AGREEMENT <br />A. WHEREAS, the City and Mowry Properties, LLC, a Minnesota limited liability <br />company (the "Developer") have entered into Tax Increment and Business Subsidy Agreement <br />Agreement, dated as of August _, 2007 (the "Tax Abatement and Business Subsidy <br />Agreement") in connection with the construction of an approximately 60,000 square foot light <br />industrial facility to be located in the City (the "Project"); and <br />B. WHEREAS, the City and the Developer wish to amend the Tax Abatement and <br />Business Subsidy Agreement as provided in the First Amendment to Tax Abatement and <br />Business Subsidy Agreement (the "First Amendment") to reflect the change in the description of <br />the Tax Abatement Property as a result of the Tax Abatement Property being subdivided and <br />replatted. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br />1. The City Council hereby approves the First Amendment in substantially the form <br />submitted, and the Mayor and Administrator are hereby authorized and directed to execute the <br />First Amendment on behalf of the City. <br />2. The approval hereby given to the First Amendment includes approval of such <br />additional details therein as may be necessary and appropriate and such modifications thereof, <br />deletions therefrom and additions thereto as may be necessary and appropriate and approved by <br />the City officials authorized by this resolution to execute the First Amendment. The execution of <br />2141468v1 <br />C:\Users\cmehelich\AppData\Local\Microsoft\Windows\Temporary Internet Files\OLK4635\PCDOCS-#2141468-v1- <br />Elk River Metalcraft RESOLUTION APPROVING AMENDMENT (2).DOC <br />