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CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO. 21-44 RESOLUTION APPROVING THE MODIFICATION OF THE DEVELOPMENT PROGRAM FOR A DEVELOPMENT DISTRICT NO. 1, ESTABLISHING A TAX INCREMENT FINANCING DISTRICT, APPROVING A TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City'), as follows: Section 1. Recitals. 1.01. It has been proposed that the City modify the Development Program (the "Program Modification") for Development District No. 1 (the "Development District'), establish Tax Increment Financing (Redevelopment) District No. 27 (Riverwalk Apartments Project) within the Development District (the "TIF District") and adopt the related Tax Increment Financing Plan therefor (the "TIF Plan') all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 through 469.133 and Sections 469.174 through 469.1794, as amended (the "TIF Act"), all as reflected in that certain document entitled "Tax Increment Financing Plan for Tax Increment Financing (Redevelopment) District No. 27 Within Municipal Development District No. 1 (Riverwalk Apartments)", and presented for the Council's consideration. 1.02. The City has performed all actions required by law to be performed prior to the adoption and approval of the Program Modification and the TIF Plan, including without limitation, delivery of the Program Modification and the TIF Plan to the Board of Sherbume County (the "County') and the Board of Independent School District No. 728 (the "School District"), and the holding of a public hearing by the City thereon on date hereof following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing, which was held on the date hereof.. 1.03. Certain information and material (collectively, the "Materials") relating to the TIF Plan and to the activities contemplated therein have heretofore -been prepared and submitted to the Council and/or made a part of the City files and proceedings on the TIF Plan: The Materials, which are incorporated herein by reference, include data, information and/or substantiation constituting or relating to (1) the "studies and analyses" on why the new TIF District meets the requirements to be a redevelopment tax increment financing district, including a "Report of Inspection Procedures and Results for Determining Qualifications of a Tax Increment Financing District as a Redevelopment District", dated March 31, 2015, prepared by LHB, Inc., Minneapolis, Minnesota, (2) why the new Tax Increment District meets the so-called "but for" test, including an analysis of the proforma and other materials submitted by a private developer; and (3) the bases for the other findings and determinations made in this resolution. The Council EL1851501714796.v 1