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<br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: December 6, 2004 <br /> <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk <br />River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on <br />Monday, the 6th day of December, 2004, at 6:30 o'clock p.m. <br /> <br />The following members were present: <br />Mayor Klinzing, Councilmembers Dietz, Kuester, Motin, and Tveite <br />and the following were absent: <br />None <br /> <br />Member Tveite <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION 04-96 <br />RESOLUTION AUTHORIZING EXECUTION OF <br />A DEVELOPMENT AGREEMENT <br /> <br />A. WHEREAS, MetroPlains Development, LLC (the "Developer") has requested <br />that the City of Elk River, Minnesota (the "City") assist with the financing of certain costs of <br />acquiring approximately one acre of real property located in the City, demolishing and clearing <br />the existing structures thereon and constructing approximately 68 units of owner-occupied <br />housing and approximately 10,820 square feet of retail space, together with related parking <br />facilities (the "Bluff Block Development") and constructing approximately 32 units of rental <br />housing and approximately 13,000 square feet of retail space, together with related parking <br />facilities, (the "Jackson Block Development"), to be undertaken by the Developer in the City <br />(collectively, the "Project"). <br /> <br />B. WHEREAS, the Developer and the City have determined to enter into a <br />Development Agreement providing for the City's assistance for the Project (the "Agreement"). <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: <br /> <br />1. The City Council hereby approves the Agreement in substantially the form <br />submitted, and the Mayor and Administrator are hereby authorized and directed to execute the <br />Agreement on behalf of the City. <br /> <br />2. The approval hereby given to the Agreement includes approval of such additional <br />details therein as may be necessary and appropriate and such modifications thereof, deletions <br />therefrom and additions thereto as may be necessary and appropriate and approved by the City <br />officials authorized by this resolution to execute the Agreement. The execution of the <br /> <br />S:\Resolutions\2004 Resolutions\Unapproved\EDA Dee <br />6IAPPROVING _DEVELOPMENT_AGREEMENT _ SETIING _GOALS _AT _ ZERO DOC <br />Page t of3 <br />