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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 88-71 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING THE PURCHASE OF INDUSTRIAL PROPERTY <br />FROM ASSOCIATED INVESTORS OF ELK RIVER <br /> <br />WHEREAS, in an effort to encourage the expansion of Altool <br />Manufacturing Incorporated in the City of Elk River; <br />and, <br /> <br />WHEREAS, the City has agreed to purchase approximately nine <br />acres of industrial property from Associated Investors <br />of Elk River pursuant to a Development Agreement dated <br />June 20, 1988, by and between Associated Investors of <br />Elk River and the City of Elk River and a Purchase <br />Agreement dated August 22, 1988; and, <br /> <br />WHEREAS, Tax Increment Financing District No. 5 has been created <br />pursuant to Minnesota Statutes Section 469.174 et. seq., <br />to recapture the cost of site acquisition to encourage <br />the expansion of Alltool Manufacturing, Inc. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Elk River that the City does hereby agree to acquire a <br />general warranty deed for Lots 1, 2, 3, 4, Block 1, Elk <br />River Industrial Park 2nd Addition (approximately 9.03 <br />acres), for the sum of Two Hundred Twenty-five Thousand <br />Dollars ($225,000). <br /> <br />Passed and adopted by the City Council of the City of Elk River <br />this 29th day of August, 1988. <br /> <br />CdJi; c~) 44-'74/( <br /> <br />Estelle E. Gunkel, Mayor <br /> <br />ATTEST: <br /> <br />r:;-) / ,'/) ~ <br />v~ .... ' ,/ <br /> <br />/2),;/- d:f!A4- <br /> <br />Patrick D. Klaers, City Administrator <br />