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City of <br /> Elk City of Elk River <br /> Wver City Council <br /> Resolution 17- <br /> A Resolution of the City Council of the City of Elk River Authorizing an <br /> Interfund Loan for Advance of Certain Costs in Connection With a Tax <br /> Increment Financing District <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River,Minnesota, as follows: <br /> Section 1. Background. <br /> 1.01. The City and the Housing and Redevelopment Authority in and for the City <br /> of Elk River, Minnesota (the "HRA") are considering establishing a Tax Increment <br /> Financing District which is anticipated to include certain blighted and underused real <br /> property located near the intersection of Main St NW and Gates Ave NW, and 3rd St NW <br /> (the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as <br /> amended (the "TIF Act"). <br /> 1.02. The City or the HRA may incur certain costs related to the TIF District <br /> which may be financed on a temporary basis from available HRA funds. <br /> 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the City and the HRA <br /> are authorized to advance or loan money from any fund from which such advances may be <br /> legally made in order to finance expenditures that are eligible to be paid with tax increments <br /> under the TIF Act. <br /> 1.04. The City has determined that it or the HRA may pay for administrative costs <br /> associated with the establishment of the TIF District and certain other costs incurred in <br /> connection with the proposed development of the TIF District,including but not limited to <br /> a study of blighting conditions, engineering,land and building acquisition of properties along <br /> Main St NW, Gates Ave NW and 3rd St NW, demolition and site preparation costs (the <br /> "Costs Advances") on a temporary basis from the City's General Fund, the HRA's General <br /> Fund or any other fund from which such advances, from time to time, may be legally made <br /> (the "Fund") as an interfund loan pursuant to Minnesota Statutes, Section 469.178, Subd. 7. <br /> 1.05. The City hereby designates the Costs Advances as an interfund loan in <br /> accordance with the terms of this resolution and the TIF NATUREJ <br />