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RESOLUTION 08-14 • 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 ltivex, Sherburne Countv, Minnesota, was duly called and held at the City Hall in said City on Tuesday, the 19th day of February, 2008, at 630 o'clock p.m. The following members were present: Mayor Klinzing, Councilmembexs Motin, Zerwas, and Gumphxey and the following were absent. Councilxnembex Faxbex Member Gumphrey uttxoduced the following resolution and moved its adoption: 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: Recitals. (a) Caswell and Osterman Properties, LLC (the "Developer") proposes to construct an approximately 55,000 square foot light industrial facility- in the City (the "Project"). The Developer has requested that the City provide financial assistance to the Developer fox the Project. The City proposes to use the abatement for the purposes provided for in Minnesota Statutes, Sections 469.1812 through 469.1815 (the "Abatement Lain'), including the Project. The proposed term of the abatement will be fox up to thirteen years in an amount not to exceed $411,000. The abatement will apply to 100% of the City's share of the property taxes (the "Abatement") derived from approximately 7.31 acres of the easterly portion of pxopexry currently described as Parcel Identification Number 75-131- 4100 which is being xeplatted as Lot 2, Block 1, Poxtside Addition and which is ox will be owned by the Developer (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. • (e) The Abatement is authorized under the Abatement Law. 2. Findings fox the Abatement. The City Council hereby makes the following findings: