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RESOLUTION 08-15 EXTRACT OF MINUTES OF MEETING • OF THE CITY COUNCIL OF THE CITY OF ELK RIVER, MINNESOTA HELD: February 19, 2008 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 b/onday, the 19th day of February, 2008, at 6 : 30o'clock p.m. The following members were present: Mayor Klinzing, Councilmembers Motin, Zerwas,and Gumphrey and the following were absent: Conrtcilmember Farber Member Motin introduced the following resolution and moved its adoption: RESOLUTION NO. OR-15 AUTHORIZING EXECUTION OF AN AMENDMENT TO TAX ABATEMENT AND BUSINESS SUBSIDY AGREEMENT • A. WHEREAS, the City and Mowry Properties, LLC, a Minnesota limited liability company (the "Developer") have entered into Tax Increment and Business Subsidy Agreement Agreement, dated as of August _, 2007 (the "Tax Abatement and Business Subsidy Agreement") in connection with the construction of an approximately 60,000 square foot light industrial facility to be located in the City (the "Project"); and B. WHEREAS, the City and the Developer wish to amend the Tax Abatement and Business Subsidy Agreement as provided in the First Amendment to Tax Abatement and Business Subsidy Agreement (the "First Amendment") to reflect the change in the description of the Tax Abatement Property as a result of the Tax Abatement Property being subdivided and replatted. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City= of Elk River, Minnesota, as follows: 1. The City Council hereby approves the First Amendment in substantially the form submitted, and the Mayor and Administrator are hereby authorized and directed to execute the First Amendment on behalf of the City. 2. The approval hereby given to the First Amendment includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the First Amendment. The execution of the First Amendment by the appropriate officer ox officers of the City shall be conclusive evidence of the approval of the First Amendment in accordance with the terms hereof.