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RESOLUTION 98 - 9 • CITY OF ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION MODIFYING THE BUDGET IN TAX INCREMENT FINANCING DISTRICT NO. 18 BE IT RESOLVED by the Board of Commissioners (the "Board") of the City of Elk River Economic Development Authority ("EDA") of the City of Elk River, Minnesota ("City") as follows: Section 1. - Recitals. 1.01. It has been proposed that the EDA modify the budget (Budget Modification) in Tax Increment Financing District No. 18 ("District No. 18"). 1.02. The Board has investigated the facts relating to the Budget Modification and has caused the Budget Modification to be prepared. • 1.03. The Board has determined that an administrative Budget Modification is appropriate, and that a public hearing and notification of Sherburne County and School District No. 728 are not required. 1.04. The EDA has performed, or will perform, all actions required by law to be performed prior to the adoption of the Budget Modification by the City. Section 2. - Findings for the Adoption and Approval of the Budget Modification. 2.01. The Board hereby finds that District No. 18 is in the public interest and is an "Economic Development District" under Minnesota Statutes, Section 469.174, subd. 12, and finds that the adoption of the proposed Budget Modification will advance the EDA's and City's objectives of encouraging development within Development District No. 1. 2.02. The EDA further finds that the Budget Modification, is intended and, in the judgement of the EDA, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Budget Modification, which are hereby incorporated herein. •