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EXTRACT OF MINUTES OF MEETING <br />OF THE BOARD OF COMMISSIONERS OF THE <br />ECONOMIC DEVELOPMENT AUTHORITY OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: April 14, 2008 <br />Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the <br />Economic Development Authority of the City of Elk River, Sherburne County, Minnesota, was <br />duly called and held at the City Hall in said City on Monday, the 14th day of April, 2008, at 5:30 <br />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 <br />EXECUTION OF ABATEMENT AGREEMENTS <br />A. WHEREAS, Envison Company, LLC, a Minnesota limited liability company (the <br />"Developer") desires to purchase certain real property identified as Lot 4, Block 1, <br />NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75- <br />757-0120 (the "Land") on which the Developer or Sportech, Inc. will construct an approximately <br />80,000 square foot light industrial facility located at 17464 Tyler Street NW, Sherburne County, <br />Elk River, Minnesota (the "Project"). <br />B. WHEREAS, the Economic Development Authority of the City of Elk River (the <br />"Authority") and the Developer have determined to enter into a Purchase Agreement providing <br />for the Authority's conveyance of the Land to the Developer for the purpose of constructing the <br />Project (the "Purchase Agreement"). <br />C. WHEREAS, the Purchase Agreement provides that the Authority will convey the <br />Land to the Developer at less than fair market value and the Authority has requested that the City <br />of Elk River, Minnesota (the "City") and Sherburne County, Minnesota (the "County") <br />reimburse the Authority for the amount of the discount in the price of the Land with tax <br />abatements in accordance with Minnesota Statutes, Sections 469.1812 through 469.1815. <br />D. WHEREAS, the Authority has requested that the City and the County each enter <br />into a Tax Abatement Agreement providing for the reimbursement of the Authority for a portion <br />of the cost of the Land in connection with the Project (collectively, the "Abatement <br />Agreements"). <br />2161223v1 <br />