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<br />1. The Tax Increment Pledge Agreement attached hereto and <br />made a part hereof is hereby approved, and the officers of the . <br />EDA are hereby authorized and directed to take such steps as may <br />be necessary to execute said Agreement, in substantially the form <br />as attached, upon approval and execution thereof by the City, and <br />to carry out and fulfill the provisions and requirements thereof. <br /> <br />2. The EDA hereby makes formal request to the Elk River <br />City Council to issue the Bonds to assist the EDA in financing <br />the subject public development costs. <br /> <br />Adopted by the Board of Commissioners of the Elk River EDA <br />this 12th day of July, 1999. <br /> <br />The motion for the adoption of the foregoing Resolution was <br />duly seconded by Commissioner and upon vote <br />being taken thereon, the following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br />whereupon said Resolution was declared duly passed and adopted. <br /> <br />. <br /> <br />. <br /> <br />1059219.1 <br /> <br />. <br />