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<br />. <br /> <br />. <br /> <br />. <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: February 6, 2006 <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 6th day of February, 2006, at 6:30 o'clock p.m. <br /> <br />The following members were present: <br /> <br />Mayor Klinzing, Councilrnembers Dietz, Farber, Gumphrey, and Motin <br />and the following were absent: <br /> <br />None <br /> <br />Member Farber <br />adoption: <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION 06-14 <br /> <br />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, Minnesota <br />(the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The Bank of Elk River (the "Developer") proposes to renovate its existing <br />facility in the City and construct an approximately 20,000 square foot expansion thereto (the <br />"Project"). The Developer has requested that the City provide financial assistance to the <br />Developer for the Project. The City proposes to use the abatement for the purposes <br />provided for in the Abatement Law (as hereinafter defined), including the Project. The <br />proposed term of the abatement will be for up to twelve (12) years in an amount not to <br />exceed $300,000. The abatement will apply to 100% of the City's share of the property taxes <br />based on the market value of the property described as Parcel Identification Numbers 75- <br />405-0340 and 75-405-0320 (the "Property") in excess of the market value of Property as <br />improved by the Developer's existing facility prior to expansion and renovation determined <br />by the Sherburne County assessor in 2006 for taxes payable in 2007 (the "Abatement"). <br /> <br />(b) On the date hereof, the Council held a public hearing on the question of the <br />Abatement and the business subsidy, and said hearing was preceded by at least 10 days but <br />not more than 30 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. Findings for the Abatement. The City Council hereby makes the following findings: <br /> <br />06-14 <br />