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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 />ATTEST: <br />Tina Allard, City Clerk <br />501550A ASB EL185-52 <br />