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City of Elk River <br />ver City Council <br />Resolution 23-15 <br />A Resolution of the City Council of the City of Elk River Granting a Property <br />Tax Abatement for Certain Property in the City and Approving a Tax <br />Abatement Agreement with Harvest Reaper, LLC <br />BE IT RESOLVED by the City Council (the "City Council") of the City of Elk River, <br />Minnesota (the "City"), as follows: <br />Section 1. Recitals. <br />1.01. The City has reviewed a proposal to acquire, construct and equip an <br />approximately 25,000 square foot facility to be owned by Harvest Reaper, LLC, a Minnesota <br />limited liability company or an entity affiliated with or related to Beaudry Oil & Service, Inc. <br />(the "Developer"), to commence a lubricants operation (the "Project") to be located on Elk <br />Lake Road in the City and on the property identified by property identification number 75- <br />930-0105 (the "Property"). <br />1.02. With the Project, the Developer proposes to expand its existing <br />business, maintain and create and retain jobs in the City, Sherburne County (the "County") <br />and the State of Minnesota (the "State"), and preserve and enhance the property tax base in <br />the City, the County and the State. <br />1.03. Pursuant to Minnesota Statutes, Sections 469.1812 through 469.1815, <br />as amended (the "Abatement Act"), the Developer has requested a property tax abatement <br />on the Property in order to assist in financing a portion of the costs of the Project, including <br />in particular, the cost to extend a water main from Industrial Boulevard in the City to the <br />Property to provide an adequate water suppression system for the Project. The proposed <br />term of the abatement will be up to eleven (11) years in an amount not to exceed $138,204. <br />The proposed abatement will apply to the Developer's share of real estate taxes which relate <br />to the construction of the Project on the Property by the Developer and not to the real <br />estate taxes on the Property that relate to the existing land value (the "Abatement"). <br />1.04. The Developer has also requested a property tax abatement on the <br />Property from the County (the "County Abatement"). <br />1.05. The City and the Developer have caused to be prepared a Tax <br />Abatement and Business Subsidy Agreement (the "Agreement") setting forth the terms and <br />conditions under which the City will provide tax abatement assistance for the Project <br />p 0 W E B E 0 B 1 <br />NA TUR <br />