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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 August 1, 2011, 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. 11- 02 <br />RESOLUTION ADOPTING AN AMENDED SPENDING PLAN FOR TAX INCREMENT <br />FINANCING DISTRICT NO. 16 AND MODIFYING INTERFUND LOAN RESOLUTION 02-02 <br />BE IT RESOLVED By the Board of Commissioners (the "Board") of the Housing and <br />Redevelopment Authority of the City of Elk River, Sherburne County, Minnesota (the "Authority") <br />as follows: <br />Section 1. Background; Findings. <br />1.01 Minnesota Statutes, Section 469.176 Subd. 4m, (the "Temporary TIF Authority <br />Act") was amended by the omnibus technical tax bill (Chapter 112 - HF 1219) signed into law by <br />Governor Dayton on May 31, 2011 to extend deadlines originally set to expire in 2011. <br />1.02. The Temporary TIF Authority Act, as amended, authorizes the Authority to spend <br />available tax increment from any existing tax increment fmancing district, notwithstanding any <br />other law to the contrary, to provide improvements, loans, interest rate subsidies, or assistance in <br />369515v2JSB EL185-12 <br />