5.1. SR 04-21-2008 - Laserfiche WebLink

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RESOLUTION 08- EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: April 21, 2008 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 21st day of April, 2008, at 6:30 o'clock p.m. The following members were present: and the following were absent: Member adoption: introduced the following resolution and moved its RESOLUTION APPROVING PROPERTY TAX ABATEMENTS AND AUTHORIZING EXECUTION OF A TAX ABATEMENT AGREEMENT BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. (a) Envison Company, LLC, a Minnesota limited liability company (the "Developer") desires to purchase certain real property identified as Lot 4, Block 1, NORTH STAR BUSINESS PARK, Sherburne County, Minnesota, Parcel Identification No. 75-757-0120 (the "Tax Abatement Property") on which the Developer or Sportech, Inc. will construct an approximately 80,000 square foot light industrial facility located at 17464 Tyler Street NW, Sherburne County, Elk River, Minnesota (the "Project"). (b) The Economic Development Authority of the City of Elk River (the "ED A") and the Developer have entered into a Purchase Agreement providing for the EDA's conveyance of the Tax Abatement Property to the Developer for the purpose of constructing the Project (the "Purchase Agreement"). (c) The Purchase Agreement provides that the EDA will convey the Tax Abatement Property to the Developer at less than fair market value and the EDA has requested that the City and Sherburne County, Minnesota (the "County") reimburse the EDA for the amount of the discount in the price of the Tax Abatement Property with tax abatements in accordance with Minnesota Statutes, Sections 469.1812 through 469.1815(the "Abatement Law"). 2158879vl