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City -= City of Elk River ver City Council Resolution 23-20 A Resolution of the City Council of the City of Elk River Approving a First Amendment to Tax Increment Development Agreement with Moyer Properties, LLC and a Compliance Date Extension to a Business Subsidy Provided Therein WHEREAS, on October 5, 2020, pursuant to a Tax Increment Development Agreement, (the "Agreement"), the City Council (the "Council") of the City of Elk River, Minnesota (the "City") provided a taxable tax increment revenue note (the "Note") to Moyer Properties, LLC, a Minnesota limited liability company (the `Borrower"), in the amount of $190,000, to finance a portion of the land acquisition and site improvement costs related to the development of a 20,000 square foot warehouse facility in the City to owned by the Borrower and leased to Shoot Steel, Inc., a Minnesota corporation (the "Tenant"); and WHEREAS, the Agreement includes a business subsidy agreement under Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the "Business Subsidy Act"), which set forth certain job and wage goals to be satisfied by the Tenant, as stipulated in a certain lease between the Borrower and the Tenant, prior to the compliance date as set forth in the Agreement (the "Compliance Date"); and WHEREAS, the Borrower has requested an extension of the Compliance Date for up to one year; and WHEREAS, the Council held a duly noticed public hearing on this date hereof as required by Section 116J.994, subdivision 5 of the Business Subsidy Act regarding the extension of the Compliance Date; and WHEREAS, the City and the Borrower desire to amend the Agreement to reflect the extension of the Compliance Date as described in a First Amendment to the Tax Increment Development Agreement (the "Amendment"); and WHEREAS, the City believes that approval of the Amendment is in the best interest of the City and its residents. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. The Council hereby approves the Amendment in substantially the form presented to tj the Council, together with any related documents necessary in connection therewith (collectively, the "Amendment Documents"), and hereby authorizes the Mayor and City Clerk to execute any such Amendment Documents to which the City is a party, on behalf of P0VERE0 R1 NATURE]