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(b) Pursuant to the TIF Plan the Authority incurred certain costs in connection with the acquisition of land, removal of substandard structures and site preparation (the "Redevelopment Costs"). (c) On September 23, 2002 the Authority adopted resolution 02-02 to provide for repayment of an interfund loan used to finance the Redevelopment Costs (the "Interfund Loan Resolution"). (d) The Authority proposes to adopt a spending plan for the TIF District in accordance with Minnesota Statutes, Section 469.176 Subd. 4m in substantially the form submitted to the Authority (the "Spending Plan") to utilize existing tax incre>nent revenues from the TIF District in order to stimulate construction or rehabilitation of private development in a way that will also create or retain jobs. (e) The Authority has performed all actions required by law to be performed prior to the adoption of the Spending Plan, including, but not limited to, causing notice of a public hearing to be published and requesting that the City Council of the City of Elk River, Minnesota (the "City") hold a public hearing on June 21, 2010, on the adoption of the Spending Plan. (f) It is necessary to amend the Interfund Loan Resolution to defer payment of the interfund loan described therein. Section 2. Approval of the Amendment to Interfund Loan Resolution and Adoption of Spending Plan. (a) The Spending Plan for the TIF District is hereby approved and adopted in substantially the form submitted to the Authority subject to approval by the City Council after the public hearing. (b) The Interfund Loan Resolution is hereby amended to defer payment of the interfund loan described therein as follows: (i) There will be no repayments of the interfund loan in 2010 or 2011. (ii) Repayment of the interfund loan will resume in 2012 and will continue until the payment in full of the interfund loan or until the expiration of the TIF District. 369515v1 JSB KG400-1