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RESOLUTION NO. 14-04 A Resolution of the City of Elk River Economic Development Authority of the City of Elk River, Accepting Donation of Real Property WHEREAS, Thomas E. Hartman and Sara S Hartman are fee owners ("Owners") of real property located within the City of Elk River ("City") described on the attached Exhibit"A" (the "Property");and WHEREAS, Owners desire to donate the Property to the Economic Development Authority in and for the City of Elk River ("EDA");and WHEREAS, the EDA desires to accept donation of the Property by Owners, subject to the conditions set forth below;and WHEREAS, the Property has an outstanding real estate tax liability to Sherburne County in excess of$70,000;and WHEREAS, the Property has an estimated fair market value in excess of$260,000, according to tax records at Sherburne County;and WHEREAS, the parties agree that all costs associated with the transaction,with the exception of legal fees and other costs incurred by Owner,will be paid by the EDA. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, MINNESOTA: 1. The EDA finds that the fair market value of the Property is in excess of the outstanding real estate tax liability. 2. The EDA accepts donation of the Property subject to the outstanding real estate tax liability, and authorizes the EDA President and Staff to execute all documents and take all appropriate measures to accept donation of the Property, subject to the following conditions: (a) EDA determining that it is satisfied with the title to the Property, based on the EDA's review of title matters;and (b) EDA Staff determining that it is satisfied with the results and matters disclosed by an inspection and/or environmental investigation of the Property, at the EDA's cost, conditioned upon the Owner granting a right of entry to the Property for such inspections by the EDA,its employees and contractors.