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Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk <br />River, Minnesota, was duly held in the City Hall in the City of Elk River, on November 16, 2015, <br />commencing at or after 6:00 P.M. <br />The following members were present: <br />Mayor Dietz; Councilmembers Burandt, Olsen, Westgaard, and Wagner <br />and the following were absent: <br />None <br />Member We s tgaard introduced the following resolution and moved its adoption: <br />Resolution No. 15-71 <br />A Resolution of the City of Elk River Approving an Assignment and Assumption of Tax <br />Abatement Agreement, Mortgage and Note <br />BE IT RESOLVED By the City Council (the "City Council") of the City of Elk River, <br />Sherburne County, Minnesota (the "City's as follows: <br />Section 1. Background: Findines. <br />(a) The City has entered into a Tax Abatement Agreement dated September 14, 2015 <br />(the "Abatement Agreement', with Envision Company, LLC, a Minnesota limited liability company <br />(the "Assignor"), a Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture <br />Financing Statement dated September 14, 2015 (the "Mortgage") from the Assignor in favor of the <br />City and a Promissory Note dated September 14, 2015 (the "Note'. <br />(b) The Assignor has requested that the City consent to the transfer of Lots 1 and 2, <br />Block 2, Natures Edge Business Center Second Addition, Sherburne County, located in the City (the <br />"Property") and the Project (as defined in the Abatement Agreement) and the assignment of the <br />47I033vl JSB ELI 85-31 <br />