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EXTRACT OF MINUTES OF MEETING <br /> OF THE BOARD OF COMMISSIONERS OF THE HOUSING <br /> AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, <br /> MINNESOTA <br /> HELD: December 4, 2006 <br /> Pursuant to due call and notice thereof, a meeting of the Board of Commissioners of the <br /> Housing and Redevelopment Authority in and for the City of Elk River, Sherburne County, <br /> Minnesota, was duly called and held at the City Hall in said City on Monday, the 4th day of <br /> December, 2006, at 5 o'clock p.m. <br /> The following commissioners were present: <br /> Chair Wilson, Commissioners :Kuester, Lieser, and Motin <br /> and the following were absent: <br /> • Commissioner Toth <br /> Commissioner Motin introduced the following resolution and moved its <br /> adoption: <br /> RESOLUTION NO. 06_07 <br /> AUTHORIZING THE EXECUTION OF A <br /> PURCHASE AGREEMENT WITH HOULTON <br /> INVESTMENT COMPANY FOR THE PURCHASE <br /> OF 716 AND 720 MAIN STREET, ELK RIVER, MINNESOTA AND THE PURCHASE OF <br /> THE PROPERTY PURSUANT TO THE <br /> TERMS OF SAID PURCHASE AGREEMENT <br /> A. WHEREAS, Houlton Investment Company, a Minnesota corporation desires to <br /> sell certain real property located in the City of Elk River and commonly referred to as 716 and <br /> 720 Main Street, Elk River, Minnesota(the "Property"); and <br /> B. WHEREAS, on November 6, 2006 The Housing and Redevelopment Authority in <br /> and for the City of Elk River (the "HRA") adopted a redevelopment plan (the "Redevelopment <br /> Plan") that provides an outline for the development and redevelopment of the area in which the <br /> Property is located; and <br /> C:\Documents and Settings\dhuebner\Local Settings\Temporary Internet Files\PCDOCS-#1970418x2-Elk River_Res_Authorizing(3).DOC <br />