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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: December 18, 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 18th day of December, 2006, at 6:30 o'clock p.m. <br /> <br />The following members were present: <br />Mayor Klinzing, Councilmembers Motin, Dietz, Gumphrey, and Farber <br />and the following were absent: <br />None <br /> <br />Member <br />adoption: <br /> <br />Farber <br /> <br />introduced the following resolution and moved its <br /> <br />RESOLUTION 06-~5 <br /> <br />RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <br />AND 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) United HealthCare Services, Inc. (the "Developer") proposes to construct an <br />approximately 189,000 square foot data technology center in the City (the "Project"). The <br />Developer has requested that the City provide financial assistance to the Developer for the <br />Project. The City proposes to use the abatement for the purposes provided for in the <br />Abatement Law (as hereinafter defined), including the Project. The proposed term of the <br />abatement will be for up to ten years in an amount not to exceed the lesser of $850,000 or <br />5% of the assessed market value as determined by County Assessor for 2009 assessment and <br />taxes payable in 2010. The abatement will apply to 100% of the City's share of the property <br />taxes (the "Abatement") derived from the property currently described as Parcel <br />Identification No. 75-661-0040 and an approximately 16.88 acre portion of property <br />currently identified as Parcel Identification No. 75-758-0010 (the "Property"). <br /> <br />(b) On the date hereof, the Council held a public hearing on the question of the <br />Abatement, and said hearing was preceded by at least 10 days but not more than 30 days <br />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 />