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Section 3. -Approval and Adoption of the Budget Modification. <br /> • 3.01. Conditioned upon the approval thereof by the City Council following <br /> its public hearing thereon, the Budget Modification as presented to the EDA on this <br /> date, is hereby approved, established, and adopted. <br /> 3.02. The staff, the EDA's advisors and legal counsel are authorized and <br /> directed to proceed with the implementation of the Budget Modification and for this <br /> purpose to negotiate, draft, prepare, and present to this Board for its consideration <br /> all further Plans, Resolutions, Documents, and Contracts necessary for this purpose. <br /> Approval of the Budget Modification does not constitute approval of any project or a <br /> Development Agreement with any developer. <br /> 3.03. Upon approval of the Budget Modification by the City Council, the <br /> Executive Director of the EDA is authorized to forward a copy of the Budget <br /> Modification to the Sherburne County Auditor and the Minnesota Department of <br /> Revenue pursuant to Minnesota Statutes, Section 469.175, sub d. 2. <br /> Approved by the Board of Commissioners of the Elk River Economic <br /> Development Authority this 14th day of December, 1998. <br /> 14 a b-- :1----- <br /> enry.1Duitsman, President <br /> • ATTES <br /> Pau T. Steinman, Executive Director <br /> • <br />