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CITY OF ELK RIVER <br />RESOLUTION #2016 - 68 <br />APPROVING PROPERTY TAX ABATEMENT FOR <br />CERTAIN REAL PROPERTY IN THE CITY <br />PURSUANT TO MINNESOTA STATUTES, <br />SECTIONS 469.1812 TO 469.1815 AND SPECIFYING <br />THE TERMS THEREOF <br />WHEREAS, the City of Elk River, Minnesota (the "City") is authorized by Minnesota <br />Statutes, Sections 469.1812 to 469.1815 (the "Abatement Act") to grant a property tax Abatement <br />(as defined in Section 3 of this resolution) in order to achieve one or more public purposes identified <br />in the Abatement Act; and <br />WHEREAS, the City has reviewed a proposal by Apex Embroidery Design, Inc. (the <br />"Business") to construct and equip an approximately 13,312 square foot manufacturing facility to <br />be owned by SBH Properties, LLC (the "Owner") and leased to the Business (the "Facility") to <br />be located in the City on the property identified as Lot 5, Block 1, Renner Fourth Addition, <br />Sherburne County, Minnesota, parcel identification number 758110125 (the "Development <br />Property"); and <br />WHEREAS, the Development Property is not located in a tax increment financing district; <br />nTo of <br />WHEREAS, the City and the Economic Development Authority of the City of Elk River <br />(the "EDA") have also determined that is reasonable and necessary to provide certain financial <br />assistance to the Owner in order to facilitate Business's plans for the Facility and the Development <br />Property, and to that end, the City will consider approving a Tax Abatement and Business Subsidy <br />Agreement between the City and the Owner (the "Abatement Agreement"); and <br />WHEREAS, among other things, the proposed Abatement Agreement will provide that the <br />City will assist the Owner in financing a portion of the cost of the Facility, subject to certain terms <br />and conditions, including the adoption of this resolution (the "Abatement Assistance"); and the <br />Owner will construct the Facility, or cause the Facility to be constructed, subject to certain terms <br />and conditions; and <br />WHEREAS, on the date hereof, the City conducted a duly noticed public hearing on the <br />Abatement at which the views of all interested persons were heard; and <br />WHEREAS, all capitalized terms in this resolution have the meanings provided in the <br />Abatement Agreement unless context clearly requires otherwise. <br />NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council") of <br />the City of Elk River, Minnesota as follows: <br />488017v2 JSB ELI 85-45 <br />