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■ - EXTRACT OF MINUTES OF MEETING <br /> OF THE CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: October 6, 2009 <br /> Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br /> Pequot Lakes, Crow Wing County, Minnesota, was duly called and held at the City Hall in said <br /> City on Tuesday, the 6th day of October, 2009, at 6:30 o'clock p.m. <br /> The following members were present: Mayor Adams, Council Members Malecha, Ryan, <br /> Nagel, and Sjoblad <br /> and the following were absent: None <br /> Member Malecha introduced the following resolution and moved its adoption: <br /> RESOLUTION 09-30 <br /> RESOLUTION APPROVING PROPERTY TAX ABATEMENTS <br /> AND AUTHORIZING EXECUTION OF <br /> A TAX ABATEMENT AGREEMENT <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Pequot Lakes, <br /> Minnesota(the "City"), as follows: <br /> 1. Recitals. <br /> (a) Oppidan, Incorporated, a Minnesota corporation, (the "Developer") <br /> proposes to construct an approximately 33,000 square foot grocery store and commercial <br /> facility, potential gas island and associated parking to be located on Highway 371 in the <br /> City (the "Project"). The Developer has requested that the City provide financial <br /> assistance to the Developer for the Project. The City proposes to use the abatement for <br /> the purposes provided for in Minnesota Statutes, Sections 469.1812 through 469.1815 <br /> (the "Abatement Law"), including the Project, from a portion of the property taxes to be <br /> levied by the City on property currently identified as: Parcel Identification Numbers 29- <br /> 015-140-0E0-0889, a portion of 29-015-140-0DA-0009, and a portion of 29-015-41-OOA- <br /> 00009, to be replatted as described in Exhibit A, in the City of Pequot Lakes, Crow Wing <br /> County, Minnesota(the "Tax Abatement Property"). <br /> (b) The proposed term of the abatement will be for up to 13 years in an <br /> amount not to exceed $350,000 plus interest at a rate of 6% per annum, with an estimated <br /> future value of approximately $592,000. The proposed abatement will apply to a portion <br /> \- of the City's share of real estate taxes which relate to the improvements to the Tax <br /> 2410619v2 <br />