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Extract of Minutes of Meeting of the <br />Board of Commissioners of the Housing and Redevelopment <br />Authority of the City of Elk River, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of <br />the Housing and Redevelopment Authority of the City of Elk River, Minnesota, was duly held in <br />the City Hall in the City of Elk River, on June 7, 2010, commencing at or after 5:30 P.M. <br />The following members were present: <br />and the following were absent: <br /> <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 10- <br />RESOLUTION ADOPTING A SPENDING PLAN FOR TAX INCREMENT FINANCING <br />DISTRICT NO. 16 AND MODIFYIl~G INTERFUND LOAN RESOLUTION 02-02 <br />BE IT RESOLVED By the Board of Commissioners (the `Board's of the Housing and <br />Redevelopment Authority of the City of Elk River, Sherburne County, Minnesota (the "Authorit~~ <br />as follows: <br />Section 1. Background; Findings. <br />(a) On January 27, 1997, the Authority established Tax Increment Financing District <br />No. 16 (a Redevelopment District) (the `°TIF District's and adopted a tax increment financing <br />plan therefor (the `°TIF Plan'. <br />(b) Pursuant to the TIF Plan the Authority incurred certain costs in connection with <br />the acquisition of land, removal of substandard structures and site preparation (the <br />"Redevelopment Costs"). <br />369515v1 JSB KG400-1 <br />