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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: June 21, 2004 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 June, 2004, at 6:30 o'clock p.m. The following members were present: Mayor Klinzing, Councilmembers Motin, Kuester, Tveite, and Dietz and the following were absent: None Councilmember Tveite introduced the following resolution and moved its adoption: RESOLUTION 04-54 AUTHORIZING EXECUTION OF A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT A. WHEREAS, Badger Ventures, LLC (the "Developer") has requested that the City of Elk River, Minnesota (the "City") assist with the financing of certain costs of an approximately 13,000 square foot light manufacturing facility, to be constructed by the Developer in the City (the "Project"). B. WHEREAS, the Developer and the City have determined to enter into a Tax Abatement and Business Subsidy Agreement providing for the City's assistance for the Project (the "Agreement"). NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. The City Council hereby approves the Agreement in substantially the form submitted, and the Mayor and Administrator are hereby authorized and directed to execute, on behalf of the City, the Agreement and the Subsidy Agreement attached as Exhibit A thereto. 2. The approval hereby given to the Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the Agreement. The execution of the 04-54