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HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO 20-03 RESOLUTION APPROVING THE PURCHASE OF CERTAIN PROPERTY LOCATED AT: 406 MAIN STREET NW, ELK RIVER, MN WHEREAS, the Housing and Redevelopment Authority of the City of Elk River (the "Authority") is authorized pursuant to Minnesota Statutes, Section 469.001 to 469.047, to acquire and convey real property and to undertake certain activities to facilitate the redevelopment of real property by private enterprise; and WHEREAS, to facilitate redevelopment of certain property in the City of Elk River, Minnesota (the "City"), the Authority proposes to enter into a Purchase Agreement (the "Purchase Agreement") between the Authority a d 4 , Trustee of the Cora Smith Trust under trust agreement dated 5z} and any amendments thereto (the "Seller"), under which, among other things, the Seller will convey the property located in the City at: 406 Main Street NW, situated in the State of Minnesota, County of Sherburne, and which is legally described as follows: LOT 11 & THAT PT OF LOT 12 LYING W OF E 4.50 FT OF LOT 12, BLK 1, of Auditor's Subdivision No. 5, Sherburne County, Minnesota. (the "Property") to the Authority; and NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Elk River, Minnesota as follows: The Authority hereby approves the Agreement in substantially the form presented to the Board, including the acquisition of the Property by the Authority, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the Agreement by those officials shall be conclusive evidence of their approval. 2. Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Agreement as a whole, including without limitation, execution of any documents to which the Authority is a party referenced in or attached to the Agreement, and other documents necessary to convey the Property to the Authority, all as described in the Agreement.