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CITY OF ELK RIVER RESOLUTION #2015- 38 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") is authorized by Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Abatement Act'o 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; WHEREAS, the City has reviewed a proposal by Morrell Properties, LLC (the "Developer's to construct an approximate 13,824 square foot manufacturing facility (the "Facility") to be located in the City on the property identified as Lot 1, Block 2, Natures Edge Business Center, tax parcel number 75- 820-0205 (the "Development Property"); WHEREAS, the City proposes to sell the Development Property to the Developer, and to that end, the City will consider approving a Purchase Agreement between the City and Developer (the "Purchase Agreement'; 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 heating 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: 464428v2 EL185-33