Laserfiche WebLink
City of Elk River <br />City Council <br />Resolution 18- 43 <br />A Resolution of the City Council of the City of Elk River Approving an <br />Amendment to Tax Abatement Agreement for Mowry Properties, Inc <br />WHEREAS, the City of Elk River, Minnesota (the "City") and Mowry Properties, Inc. <br />(the "Developer") previously entered into a Tax Abatement and Business Subsidy Agreement <br />dated September 4, 2007 (the "Original Agreement") to construct an approximate 60,000 <br />square foot light industrial facility; <br />WHEREAS, all capitalized terms in this resolution have the meanings provided in the <br />Abatement Agreement unless context dearly requires otherwise; <br />WHEREAS, the Original Agreement and the resolution adopted by the City Council <br />on July 16, 2007 approving the Original Agreement and the Tax Abatements to be provided <br />thereunder stated that the term of the Tax Abatements would be for a period of up to 12 years <br />but the dates stated in the Original Agreement were for a period of only 9 years ending in 2018; <br />WHEREAS, a period of only 9 years is insufficient to generate Tax Abatements in the <br />amount of $384,199 as provided in the Original Agreement; <br />WHEREAS, the Developer has requested that the City amend the Abatement <br />Agreement to correct the duration of the Tax Abatements pursuant to a First Amendment to <br />Abatement Agreement by and between the City and the Assignee (the "Amendment"); <br />NOW, THEREFORE, BE IT RESOLVED BY the City Council (the "Council") of <br />the City of Elk River, Minnesota as follows: <br />1. Execution of Documents. The City Council hereby approves the Amendment <br />and any related documents necessary in connection therewith (collectively, the <br />"Documents") and, the Mayor and City Clerk are hereby authorized and directed to execute <br />the Documents to which the City is a party on behalf of the City and to carry out, on behalf <br />of the City, the City's obligations thereunder. In the event of absence or disability of the <br />officers, any of the Documents authorized by this Resolution to be executed may be <br />executed without further act or authorization of the Council by any duly designated acting <br />official, or by such other officer or officers of the City as, in the opinion of the City <br />Attorney, may act in their behalf. <br />2. Finalizing Documents. The approval hereby given to the Documents <br />includes approval of such additional details therein as may be necessary and appropriate and <br />AP VRE <br />