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ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO.2020-10 RATIFYING THE APPROVAL OF A PURCHASE AGREEMENT AND CONVEYANCE OF THE PROPERTY LOCATED AT 17565 TYLER STREET, ELK RIVER, MN TO SHOOT STEEL, INC. BE IT RESOLVED By the Board of Commissioners of the Economic Development Authority of the City of Elk River (the "Authority's as follows: Section 1. Recitals. 1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (the "EDA Act', to acquire and convey real property and to undertake certain activities to facilitate the development of real property by private enterprise. 1.02. On 2020, the Authority approved that certain Purchase Agreement with Shoot Steel, Inc. ("Shoot Steel' to allow Shoot Steel to purchase the property owned by the Authority that is legally described as: Lot 1, Block 2, Northstar Business Park, according to the recorded plat thereof, Sherburne County, Minnesota (the "Property'). 1.03. The Authority has on this date conducted a duly noticed public hearing regarding the sale of the Property to Shoot Steel, at which all interested persons were given an opportunity to be heard. 1.04. The Authority finds and determines that the conveyance of the Property to Shoot Steel is in the public interest and will further the objectives of its general plan of economic development because it will provide an opportunity for increased business and job opportunities in the City and could serve as an impetus for further development. Section 2. Authority A royal Egqber Proceeding. 2.01. The Board. hereby ratifies its approval of the Purchase Agreement to Shoot Steel that was made on. 020. 2.02. Authority staff and officials are authorized to take all actions necessary to perform the Authority's obligations under the Purchase Agreement as a whole, including, without limitation, execution of any documents necessary to which the Authority is a party referenced in or attached to the Purchase Agreement, and any deed or other documents necessary to convey the Property to Shoot Steel, all as described in the Purchase Agreement.