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THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, MINNESOTA COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO.2022-01 RESOLUTION APPROVING A PURCHASE AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER AND ONYX STRATEGIC PARTNERS LLC, AND APPROVING THE CONVEYANCE OF LAND CONTAINED THEREIN. WHEREAS, The Economic Development Authority of the City of Elk River, Minnesota (the "EDA") is the fee owner of real property located in Elk River, Sherburne County, Minnesota, (the "City") and consisting of land containing approximately 12.13 acres legally described in Exhibit A attached hereto and located at 17610 Tyler Street NW in the City (the "Real Property"); and WHEREAS, the EDA has reviewed a proposal by Onyx Strategic Partners LLC, a Minnesota limited liability company, or an entity related thereto or affiliated therewith (the "Developer"), to purchase the Real Property from the EDA; and WHEREAS, the EDA and the Developer have negotiated a certain Real Estate Purchase Agreement (the "Purchase Agreement") in connection with the conveyance of the Real Property; and WHEREAS, on July 18, 2022, the EDA conducted a duly noticed public hearing regarding the sale of the Real Property to Developer, at which all interested persons were given an opportunity to be heard; and WHEREAS, the EDA finds and determines that conveyance by the EDA of the Real Property to the Developer is for a public purpose and is in the best interests of the City and its residents because it will further the objectives of the EDA's general plan of economic development for the City, will help increase the tax base in the City, and will create new jobs in the City. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (`Board' of The Economic Development Authority of the City of Elk River as follows: 1. The Board approves the Purchase Agreement in substantially the form presented to the Board, including -the provisions for the conveyance of the Real Property therein, together with any related documents or certifications necessary in connection therewith, including without limitation all documents and certifications referenced in or attached to the Purchase Agreement, and any deed or other documents necessary to convey the Real Property to Developer, all as described in the Purchase Agreement (collectively, the "Purchase Documents") and the President and the Executive Director are hereby authorized and directed to execute the Purchase Documents on behalf of the EDA and to carry out, on behalf of the EDA, the FDA's obligations thereunder when all conditions precedent thereto have been satisfied. 2. EDA staff and officials are authorized to take all actions necessary to perform the EDA's obligations under the Purchase Documents as a whole, including without limitation execution of EL185\71\816401.v2