5.0. & 5.1. & 5.2. EDSR 04-14-2008

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EXTRACT OF MINUTES OF MEETING OF THE BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, MINNESOTA HELD: April 14, 2008 Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the Economic Development Authority of the City of Elk River, Sherburne County, Minnesota, was duly called and held at the City Hall in the City of Elk River on Monday, the 14th day of April, 2008, at 5:30 o'clock p.m. The following Commissioners were present: and the following were absent: Commissioner its adoption: introduced the following resolution and moved RESOLUTION AUTHORIZING THE SALE OF LAND A. WHEREAS, the Economic Development Authority of the City of Elk River, Minnesota (the "Authority") is the owner of certain real property located in the City of Elk River, Minnesota identified as Lot 4, Block 1, NORTHSTAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75-757-0120 (the "Land"). B. WHEREAS, it has been proposed that the Authority sell the Land to Envision Company, LLC. (the "Purchaser"), pursuant to Minnesota Statutes, Section 469.029. C. WHEREAS, the Authority and the Purchaser have entered into a purchase agreement providing for the sale of the Land, contingent on, among other things, the approval of such sale following a public hearing (the "Purchase Agreement"). D. WHEREAS, the Authority has, on the date hereof, held a public hearing on such sale of the Land. E. WHEREAS, under the terms of the Purchase Agreement, the Purchaser is obligated to pay the Authority the purchase price of $ NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Elk River as follows: 1. The Board of Commissioners hereby approves the sale of the Land in accordance with the terms of the Purchase Agreement, the execution of which is hereby ratified. 2161233v1