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Extract of Minutes of Meeting of the <br />City Council of the City of Elk River, Sherburne County, Minnesota <br />Pursuant to due .call and notice thereof, a regular meeting of the City Council of the City of Elk <br />River, Minnesota, was duly held in the City Hall in the City of Elk River, on June 21, 2010, <br />commencing at or after 6:30 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 APPROVING A SPENDING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 16 <br />BE IT RESOLVED By the City Council (the "City Council") of the City of Elk River, <br />Sherburne County, Minnesota (the "City") as follows: <br />Section 1. Background; Findings. <br />(a) On January 27, 1997, the Housing and Redevelopment Authority of the City of Elk <br />River, Sherburne County, Minnesota (the "Authority") established Tax Increment Financing District <br />No. 16 (a Redevelopment District) (the "TIF District") and adopted a tax increment financing plan <br />therefor (the "TIF Plan"). <br />(b) Pursuant to the TIF Plan the Authority incurred certain costs in connection with the <br />acquisition of land, removal of substandard structures and site preparation (the "Redevelopment <br />Costs"). <br />(c) On September 23, 2002 the Authority adopted resolution 02-02 to provide for <br />repayment of an interfund loan used to finance the Redevelopment Costs (the "Interfund Loan <br />Resolution"). <br />(d) Subject to the approval of the City Council following a public hearing, the Authority <br />has adopted a spending plan for the TIF District in accordance with Minnesota Statutes, Section <br />469.176 Subd. 4m in substantially the form submitted to the City (the "Spending Plan") to utilize <br />369802v1 JSB EL185-12 <br />