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. . . EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: July 16, 2007 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Elk River, Sherburne County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 16th day of July, 2007, at 6:30 o'clock p.m. The following members were present: Mayor Klinzing, Councilmembers Zerwas, Gumphrey, Farber, and Motin and the following were absent: None Member Farber adoption: introduced the following resolution and moved its RESOLUTION 07-66 RESOLUTION AUTHORIZING EXECUTION OF A TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City"), as follows: 1. Recitals. (a) Metal Craft Machine & Engineering, Inc. (the "Developer") proposes to construct an approximately 60,000 square foot light industrial facility in the City (the "Project"). The Developer has requested that the City provide financial assistance to the Developer for the Project. The City proposes to use the abatement for the purposes provided for in the Abatement Law (as hereinafter defined), including the Project. The proposed term of the abatement will be for up to twelve years in an amount not to exceed $426,888. The abatement will apply to 100% of the City's share of the property taxes (the "Abatement") derived from the property described as Parcel Identification Number 75-131-4100 (the "Property"). (b) On the date hereof, the Council held a public hearing on the question of the Abatement and the business subsidy, and said hearing was preceded by at least 10 days but not more than 30 days prior published notice thereof. (c) The Abatement is authorized under Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Law"). 2. Findings for the Abatement. The City Council hereby makes the following findings: 2047530vl