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6. The City hereby authorizes City staff and consultants to negotiate the terms of a <br /> development agreement with a developer in connection with the demolition of some or all of the <br /> buildings on the Designated Property (the "Development Agreement") and the Mayor and City <br /> Clerk are authorized to execute the Development Agreement on behalf of the City, and to carry out, <br /> on behalf of the City, the City's obligations thereunder. <br /> 7. The City authorizes expenditure of available tax increments and other available funds <br /> to pay the costs of such demolition or removal,in such amounts as determined necessary for such <br /> purpose by the City's Finance Director,in accordance with the City's resolution authorizing <br /> interfund loans to be repaid from the TIF District adopted May 15, 2017. <br /> Approved by the City Council of the City of Elk River this 19th day of June,2017. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City Clerk <br /> 501550vl JSB BL185-52 <br />