Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 05-~ <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 /> <br />Mayor Klinzing, Councilmembers Motin, Dietz, Farber, <br />and GumRhrey <br />and the following were absent: <br /> <br />None <br />Member Motin <br />adoption: <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) RST Cayo, LLC (the "Developer") proposes to construct an approximately <br />20,000 square foot light industrial facility in the City (the "Project"). The Developer has <br />requested that the City provide financial assistance to the Developer for the Project. The <br />City proposes to use the abatement for the purposes provided for in the Abatement Law <br />(as hereinafter defined), including the Project. The proposed term of the abatement will <br />be for up to ten years in an amount not to exceed $75,000. The abatement will apply to <br />100% of the City's share of the property taxes (the "Abatement") derived from the <br />property described as Lot 5, Block 1, Elk River Business Park (the "Property"). <br /> <br />(b) On the date hereof, the Council held a public hearing on the question of <br />the Abatement, and said hearing was preceded by at least 10 days but not more than 30 <br />days prior published notice thereof. <br /> <br />(c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 <br />through 469.1815 (the "Abatement Law"). <br /> <br />2. <br /> <br />Findings for the Abatement. The City Council hereby makes the following <br />findings: <br /> <br />(a) The Council expects the benefits to the City of the Abatement to at least <br />equal or exceed the costs to the City thereof. <br /> <br />oS- C1 } <br />