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HOUSING AND REDEVELOPMENT AUTHORITY OF THE <br /> CITY OF ELK RIVER,MINNESOTA <br /> SHERBURNE COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 12-02 <br /> RESOLUTION DECERTIFYING <br /> TAX INCREMENT FINANCING DISTRICT NO. 16 <br /> BE IT RESOLVED By the Board of Commissioners ("Board") of the Housing and <br /> Redevelopment Authority of the City of Elk River,Minnesota ("Authority") as follows: <br /> Section 1. Recitals. <br /> 1.01. On January 27, 1997, the Authority established Tax Increment Financing District No. 16 <br /> (a Redevelopment District) (the "TIF District") and adopted a tax increment financing plan therefor <br /> (the "TIF Plan"), all pursuant to Minnesota Statutes Sections 469.174 to 469.1799 (the "TIF Act"), <br /> Sections 469.001 to 469.047 (the "HRA Act"). The TIF District is a redevelopment district, and is <br /> administered and controlled by the Authority. <br /> 1.02. While the maximum duration of the TIF District is 25 years after receipt of the first <br /> increment, Section 469.1763, subd. 4(b) of the TIF Act requires that the TIF District must be <br /> decertified when outstanding "in district obligations" (i.e., those issued within five years after <br /> certification of the district)have been paid (with certain exceptions not relevant here). <br /> 1.03. Upon receipt of tax increments from the 2nd half of 2012, the Authority will have paid <br /> or have received sufficient funds to pay all"in district obligations"or spending permitted under the TIF <br /> Act,so the Authority has determined that is necessary and appropriate to decertify the TIF District. <br /> Section 2. TIF District Decertified;Filing. <br /> 2.01.The TIF District is hereby deemed decertified as of December 31,2012. <br /> 2.02. Staff is authorized and directed to transmit a copy of this resolution to Sherburne County, <br /> and to return to the County (for distribution to the City, County,and school district) any tax increments <br /> from the TIF District received by the Authority which remain after paying all remaining obligations and <br /> expenditures authorized under the TIF Act, including but not limited to administrative expenses <br /> incurred in connection with administering the TIF District and the obligations thereof. <br /> 412181v1 JSB EL185-12 <br />