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HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE <br />CITY OF ELK RIVER, MINNESOTA <br />CITY OF ELK RIVER <br />SHERBURNE COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 17-05 <br />AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS <br />IN CONNECTION WITH A TAX INCREMENT FINANCING DISTRICT <br />BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment <br />Authority in and for the City of Elk River, Minnesota (the "HRA") as follows: <br />Section 1. Background. <br />1.01. The HRA and the City of Elk River (the "City") are considering establishing a <br />Tax Increment Financing District which is anticipated to include certain blighted and underused <br />real property located near the intersection of Main St NW, Gates Ave NW, and 3'a St NW (the <br />TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the <br />TIF Act"). <br />1.02. The HRA or the City may incur certain costs related to the TIF District which <br />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 HRA and the City are <br />authorized to advance or loan money from any fund from which such advances may be legally <br />made in order to finance expenditures that are eligible to be paid with tax increments under the <br />TIF Act. <br />1.04. The HRA has determined that it or the City 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 a <br />study of blighting conditions, engineering, land and building acquisition of properties along <br />Main St NW, Gates Ave NW and 3'a St NW, demolition and site preparation costs (the "Costs <br />Advances") on a temporary basis from the City's General Fund, the HRA's General Fund or any <br />other fund from which such advances, from time to time, may be legally made (the "Fund") as an <br />interfund loan pursuant to Minnesota Statutes, Section 469.178, Subd. 7. <br />1.05. The HRA hereby designates the Costs Advances as an interfund loan in <br />accordance with the terms of this resolution and the TIF Act. <br />Section 2. Repayment of Interfund Loan. <br />2.01. The HRA will reimburse itself or the City for the Costs Advances including <br />without limitation (i) administrative costs incurred prior to the establishment of the TIF District, <br />subject to the limitations of the TIF Act, and (ii) certain costs incurred in connection with a study <br />1 <br />510729vl JSB EL18548