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RESOLUTION 02- <br /> • A RESOLUTION OF THE ELK RIVER <br /> HOUSING AND REDEVELOPMENT AUTHORITY <br /> A RESOLUTION APPROVING TAX INCREMENT FINANCING <br /> DISTRICT NO. 16 INTERFUND LOAN <br /> WHEREAS, on January 27, 1997, the Housing and Redevelopment Authority in and for the City <br /> of Elk River approved a tax increment financing plan for Tax Increment Financing <br /> District No. 16; and, <br /> WHEREAS, the Housing and Redevelopment Authority purchased three parcels and provided for <br /> all necessary relocation, removal of substandard structures, and site preparation to <br /> facilitate redevelopment to ultimately increase the city's tax base; and, <br /> WHEREAS, the Housing and Redevelopment Authority, at the time of the adoption of TIF 16, <br /> intended to reimburse itself for all such costs outstanding after the sale of the <br /> property through tax increments generated by the redevelopment project; and, <br /> WHEREAS, the redevelopment project is complete and the estimated tax increment revenue to <br /> • repay this previously authorized loan has been used to calculate an estimated <br /> amortization schedule for this loan. <br /> NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in <br /> and for the City of Elk River that the TIF 16 interfund loan authorized at the time of <br /> adoption of TIF 16 be adopted based on the amortization schedule as attached. <br /> Passed and adopted by the Elk River Housing and Redevelopment Authority this 23`d day of <br /> September,2002. <br /> Larry Toth, Chair <br /> ATTEST: <br /> • Catherine Mehelich, Executive Director <br />