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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> RESOLUTION NO. <br /> RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION <br /> OF A TAX INCREMENT PLEDGE AGREEMENT RESPECTING <br /> PAYMENT OF $510,000 TAXABLE GENERAL OBLIGATION <br /> TAX INCREMENT REFUNDING BONDS,SERIES 2000D, <br /> OF THE CITY OF ELK RIVER, MINNESOTA <br /> WHEREAS, the City of Elk River, Minnesota(the "City"), has awarded or is expected to <br /> award the sale of its$510,000 Taxable General Obligation Tax Increment Refunding Bonds, Series <br /> 2000D, dated November 1, 2000 (the "Bonds"), to refinance certain expenditures and public <br /> development and redevelopment costs undertaken within certain tax increment financing districts <br /> approved by the Elk River Economic Development Authority (the "EDA"). <br /> NOW,THEREFORE, BE IT RESOLVED by the Board of Commissioners of the EDA <br /> as follows: <br /> 1. The Tax Increment Pledge Agreement attached hereto and made a part hereof is <br /> hereby approved, and the officers of the EDA are hereby authorized and directed to <br /> take such steps as may be necessary to execute said Agreement, in substantially the <br /> form as attached, upon approval and execution thereof by the City, and to carry out <br /> and fulfill the provisions and requirements thereof. <br /> 2. The EDA hereby makes formal request to the City Council to issue the Bonds to <br /> assist in refinancing the above-mentioned tax increment costs. <br /> Adopted by the Board of Commissioners of the Elk River EDA on <br /> 2000. <br /> The motion for the adoption of the foregoing Resolution was duly seconded by <br /> Boardmember and upon vote being taken thereon,the following voted in favor <br /> thereof: <br /> and the following voted against the same: <br /> whereupon said Resolution was declared duly passed and adopted. <br /> i <br /> 1218143.1 24 <br />