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certification of the parcel as part of the tax increment financing district with the county auditor, and if certain other conditions are met; and WHEREAS, the HRA intends to cause demolition of buildings located on the Parcel, and the City or the HRA may in the future include the Parcel in a redevelopment or renewal and renovation tax increment financing district; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. The Council has received from LHB the "Report of Inspection Procedures and Results for Determining Qualifications of a Tax Increment Financing Redevelopment District Main and Gates Redevelopment TIF District, Elk River, Minnesota", dated June 1, 2020 (the "Inspection Report"), finding that, based on an inspection of the buildings located on the Parcel, such buildings were determined to be substandard under the definition set forth in the Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"). Based on the Inspection Report and other information available to the Board, the Board finds that the buildings on the Parcel are structurally substandard to a degree requiring substantial renovation or clearance and at least 15% of the area of the Parcel identified on Exhibit A attached hereto are occupied within the meaning of Minnesota Statutes, Section 469.174, Subd. 10. 2. After the date of approval of this resolution, the buildings on the Parcel may be demolished or removed by the City or the HRA, or such demolition or removal may be financed by the City and the HRA, or may be undertaken by a developer under a development agreement with the City or the HRA. 3. The City and the HRA intend to include the Parcel in a TIF District, and to file the request for certification of such district with the Sherburne County auditor within 3 years after the date of demolition of the buildings on the Parcel. 4. Upon filing the request for certification of a new tax increment financing district, the City or the HRA will notify the Sherburne County auditor that the original tax capacity of the Parcel must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or (b) the estimated market value of the Parcel for the year in which the building was demolished or removed, but applying class rates for the current year, all in accordance with Minnesota Statutes, Section 469.174, subd. 10(d). 5. City and HRA staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. 6. The City authorizes expenditure of available tax increments and other available funds to pay the costs of such demolition or removal, in such amounts as determined necessary for such purpose by the City's Finance Director. 7. On April 6, 2020, the Council and the Board of Commissioners of the HRA adopted amended interfund loan resolutions (collectively, the "Interfund Loan Resolution") f G 1 f A 1 l 11 NQ TURD