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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 05-~8 <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: August 15,2005 <br /> <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk <br />River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on <br />Monday, the 15th day of August, 2005, at 6:30 o'clock p.m. <br /> <br />The following members were present: <br />Mayor Klinzing, Councilmembers <br />and Gumphrey <br />and the following were absent: <br /> <br />None <br /> <br />Member Farber <br />adoption: <br /> <br />Motin, Dietz, Farber <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION AUTHORIZING EXECUTION OF <br />A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) Provo Enterprises, LLC (the "Developer") proposes to construct an <br />approximately 18,000 square foot light industrial facility in the City (the "Project"). The <br />Developer has requested that the City provide financial assistance to the Developer for <br />the Project. The City proposes to use the abatement for the purposes provided for in the <br />Abatement Law (as hereinafter defined), including the Project. The proposed term of the <br />abatement will be for up to fifteen years in an amount not to exceed $183,218. The <br />abatement will apply to 100% of the City's share of the property taxes (the "Abatement") <br />derived from the property described as Lot 3, Block 1, Northstar Business Park (the <br />"Property"). <br /> <br />(b) The Developer and the City have determined to enter into a Tax <br />Abatement and Business Subsidy Agreement providing for the City's tax abatement <br />assistance for the Project (the "Agreement"). <br /> <br />(c) On the date hereof, the Council held a public hearing on the question of <br />the Abatement and business subsidy, and said hearing was preceded by at least 10 days <br />but not more than 30 days prior published notice thereof. <br /> <br />(d) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br />through 469.1815 (the "Abatement Law"). <br /> <br />OS'- ~ <br />