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EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: October 6, 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, (the "City") was duly called and held at the City Hall in <br />said City on Monday, the 6th day of October, 2008, at 6:30 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. 08- <br />AUTHORIZING RENTAL OF CERTAIN <br />UNITS IN BLUFF BLOCK DEVELOPMENT <br />A. WHEREAS, the City and MetroPlains Development, LLC, a Minnesota limited <br />liability company (the "Developer") have entered into an Amended and Restated Development <br />Agreement, dated as of February 28, 2006 (the "Development Agreement") in connection with <br />the construction of a multifamily housing and commercial development located in the City and <br />defined as the Bluff Block Development and the Jackson Block Development in the <br />Development Agreement (the "Project"); and <br />B. WHEREAS, pursuant to the Development Agreement the Developer has <br />constructed, as part of the Bluff Block Development, approximately 67 units of owner-occupied <br />housing, together with related parking facilities, (the "Bluff Block Housing Project"); and <br />C. WHEREAS, in order to accommodate individuals and families displaced by a fire <br />in the Lions Park Apartments building in the City, the City and the Developer wish to <br />temporarily authorize leases of the units in the Bluff Block Housing Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br />1. Notwithstanding the provisions of the Development Agreement defining the Bluff <br />Block Housing Project as owner-occupied housing, the City Council hereby authorizes market <br />rate leases of units in the Bluff Block Housing Project to individuals and families who were <br />residents of the Lions Park Apartment building in the City during the month of September, 2008. <br />Such leases shall terminate not later than October 31, 2009. <br />2238694x1 <br />