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cM a EI ,�, CITY OF ELK RIVER River RESOLUTION #2015 - 22 APPROVING PROPERTY TAX ABATEMENT FOR CERTAIN REAL PROPERTY IN THE CITY PURSUANT TO MINNESOTA STATUTES, SECTIONS 469.1812 TO 469.1815 AND SPECIFYING THE TERMS THEREOF WHEREAS, the City of Elk River, Minnesota (the "City'D is authorized by Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Abatement Act') to grant a property tax Abatement (as defined in Section 3 of this resolution) in order to achieve one or more public purposes identified in the Abatement Act; W1EEREAS, the City has reviewed a proposal by GATR of Sauk Rapids, Inc. (the "Developer's to construct an approximate 42,912 square foot full service heavy and medium truck dealership (the "Facility' to be located within the 2nd phase of the City's Nature's Edge Business Center located in the City on the property identified as Lots I and 2, Block 1, 2nd Phase Nature's Edge Business Park, tax parcel number 75 -828 -0110 (the "Development Property'; WHEREAS, the Development Property is not located in a tax increment financing district; WHEREAS, the City and the Economic Development Authority of the City of Elk River (the "EDA') have also determined that is reasonable and necessary to provide certain financial assistance to Developer in order to facilitate Developer's plans for the Facility and the Development Property, and to that end, the City will consider approving a Tax Abatement and Business Subsidy Agreement between the City and Developer (the "Abatement Agreement'); WHEREAS, among other things, the proposed Abatement Agreement will provide that the City will assist the Developer in financing a portion of the cost of the Facility, subject to certain terms and conditions, including the adoption of this resolution (the "Abatement Assistance'); and the Developer will construct the Facility, subject to certain terms and conditions; WHEREAS, on the date hereof, the City conducted a duly noticed public hearing on the Abatement at which the views of all interested persons were heard; WHEREAS, all capitalized terms in this resolution have the meanings provided in the Abatement Agreement unless context clearly requires otherwise; NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council ") of the City of Elk River, Minnesota as follows: 1. Benefits Equal Costs. It is hereby found and determined that the benefits to the City from the Abatement will be at least equal to the costs to the City of the Abatement for the following reasons: 461423v1 ELI 85-32