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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 88 -72 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING THE SALE OF INDUSTRIAL PROPERTY FROM <br />THE CITY OF ELK RIVER TO ALLTOOL MANUFACTURING INCORPORATED <br /> <br />WHEREAS, in an effort to encourage the expansion of Alltool <br />Manufacturing Incorporated in the City of Elk River; <br />and, <br /> <br />WHEREAS, the City has acquired approximately nine acres of <br />industrial property pursuant to a Development Agreement <br />dated June 20, 1988, for the sum of Two Hundred Twenty- <br />five Thousand Dollars ($225,000); and, <br /> <br />WHEREAS, Tax Increment Financing District No. 5 has been created <br />pursuant to Minnesota Statutes Section 469.174 et. <br />~, for sale to 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 convey 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), pursuant to the terms of Tax Increment <br />Financing Plan No.5 for the sum of One Dollar ($1.00). <br /> <br />Passed and adopted by the City Council of the City of Elk River <br />this 29th day of August, 1988. <br /> <br />(d;Jb L;) Jit-{/YlhJ <br /> <br />Estelle E. Gunkel, Mayor <br /> <br />ATTEST: <br /> <br />~J?1 <br />.~_~t~. <br /> <br />Patrick D. Klaers, City Administrator <br />