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CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 00-76 <br /> <br /> A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT <br /> RESPECTING SOFTPAC PROJECT <br /> <br /> BE IT RESOLVED by the City Council (the "Council") of the City <br />of Elk River, Minnesota (the "City"), as follows: <br /> <br /> 1. Recitals. <br /> <br /> (a) The City has the powers provided in Minnesota <br /> Statutes, Sections 469.124 through 469.134 (the "Act"). <br /> (b) Pursuant to and in furtherance of the objectives of <br /> the Act, the City has undertaken a program to promote <br /> redevelopment of certain land within the City, and in this <br /> connection is engaged in carrying out its development project <br /> known as its Development District No. 1 (the ,'Development <br /> District") in an area (the "Project Area") located in the <br /> City. <br /> <br /> (c) There has been approved by the Council, pursuant to <br /> the Act, a Development Program for the Development District, <br /> as amended (the ,'Development Program"). <br /> <br /> (d) In order to achieve the objectives of the <br /> Development Program and particularly to make the land in the <br /> Project Area available for redevelopment by private enterprise <br /> in conformance with the Development Program, the City has <br /> determined to provide substantial aid and assistance in <br /> connection with the Development Program through the financing <br /> of certain of the public costs of development in the Project <br /> Area. ~ <br /> <br /> (e) Opus Northwest, L.L.C. (the "Company"), has <br /> presented the City with a proposal for the construction within <br /> the Project Area of certain improvements, and a certain <br /> Development Assistance Agreement (the ,,Agreement") between the <br /> City and the Company, stating the terms and conditions of such <br /> development and the City's and the Company's responsibilities <br /> respecting the assistance thereof, has been presented to the <br /> Council for its consideration. <br /> 2. The Council hereby approves the Agreement substantially in <br />the form presented to the Council and hereby authorizes the Mayor <br />and City Clerk, in their discretion and at such time, if any, as <br /> <br />1198072 .1 <br /> <br /> <br />