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• EXTRACT OF MINUTES OF MEETING <br /> OF THE BOARD OF COMMISSIONERS OF THE <br /> HOUSING AND REDEVELOPMENT AUTHORITY OF <br /> THE CITY OF ELK RIVER, MINNESOTA <br /> HELD: October 6, 2008 <br /> Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the <br /> Housing and Redevelopment Authority of the City of Elk River, Sherburne County, Minnesota, <br /> (the "HRA") was duly called and held at the City Hall in the City of Elk River, Minnesota (the <br /> "City") on Monday, the 6th day of October, 2008, at 5:30 o'clock p.m. <br /> The following commissioners were present: <br /> and the following were absent: <br /> Commissioner /7-'� ) introduced the following resolution and moved its <br /> adoption: <br /> RESOLUTION NO. 08-03 <br /> RECOMMENDING AUTHORIZING RENTAL OF CERTAIN <br /> 110 UNITS IN BLUFF BLOCK DEVELOPMENT <br /> A. WHEREAS, the City and MetroPlains Development, LLC, a Minnesota limited <br /> liability company (the "Developer") have entered into an Amended and Restated Development <br /> Agreement, dated as of February 28, 2006 (the "Development Agreement") in connection with <br /> the construction of a multifamily housing and commercial development located in the City and <br /> defined as the Bluff Block Development and the Jackson Block Development in the <br /> Development Agreement(the "Project"); and <br /> B. WHEREAS, pursuant to the Development Agreement the Developer has <br /> constructed, as part of the Bluff Block Development, approximately 67 units of owner-occupied <br /> housing,together with related parking facilities, (the "Bluff Block Housing Project"); and <br /> C. WHEREAS, in order to accommodate individuals and families displaced by a fire <br /> in the Lions Park Apartments building in the City, the City and the Developer propose to <br /> temporarily authorize leases of the units in the Bluff Block Housing Project. <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Housing and Redevelopment Authority of the City of Elk River, Minnesota, as follows: <br /> 1. Notwithstanding the provisions of the Development Agreement defining the Bluff <br /> Block Housing Project as owner-occupied housing, the Board of Commissioners hereby <br /> recommends that the City authorize market rate leases of units in the Bluff Block Housing <br /> • Project to individuals and families who were residents of the Lions Park Apartment building in <br /> 2238719v1 <br />