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• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION <br /> OF A TAX INCREMENT PLEDGE AGREEMENT <br /> RESPECTING PAYMENT OF $800,000 GENERAL OBLIGATION <br /> TAX INCREMENT BONDS, SERIES 2000A, <br /> OF THE CITY OF ELK RIVER, MINNESOTA <br /> WHEREAS, it is hereby requested that the City issue and loan to the Elk River EDA the <br /> proceeds of the City's $800,000 General Obligation Tax Increment Bonds, Series 2000A (the <br /> "Bonds"),to defray certain costs of public improvements(the"Improvements")to be incurred within <br /> and for the benefit of the EDA's Tax Increment Financing District No. 19 pursuant to Minnesota <br /> Statutes, Chapters 469 and 475. <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 the EDA in financing the above-mentioned costs associated with the EDA's <br /> Tax Increment Financing District No. 19. <br /> Adopted on , 2000, by the Board of Commissioners of the Elk River <br /> Economic Development Authority. <br /> The motion for the adoption of the foregoing Resolution was duly seconded by Board <br /> member 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 /> • 1217682.1 <br />