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City of Elk River ver City Council Resolution 24-30 A Resolution of the City Council of the City of Elk River Approving a Modification of the Development Program for Municipal Development District No. I, the Establishment of Tax Increment Financing District 29, and a Tax Increment Financing Plan Therefor BE IT RESOLVED by the City Council (the "City Council") of the City of Elk River, Minnesota (the "City") as follows: Section 1. Background. 1.01. The City has previously established Development District No. 1 (the "Development District") within the City and has approved a Development Program therefor (the "Development Program") in accordance with Minnesota Statutes, Sections 469.124 through 469.133, as amended (the "City Development District Act"). 1.02. The City has proposed to establish Tax Increment Financing District No. 29 (the "TIF District"), an economic development district within the Development District, and adopt a Tax Increment Financing Plan therefor (the "TIF Plan"), all pursuant to the City Development District Act and Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"). To that end, the City has caused to be prepared a Modification to the Development Program (the "Development Program Modification") and the TIF Plan. Copies of the Development Program Modification and the TIF Plan are on file with the City. 1.03. The City and its consultants have performed all actions required by law to be performed prior to the adoption and approval of the Development Program Modification and the TIF Plan, including without limitation notification of the commissioner of Sherburne County, Minnesota (the "County") representing the area included in the TIF District, notification of the County Auditor of the County and Clerk of the Board of Education of Independent School District No. 728 (the "School District"). In addition, on the date hereof, the City Council conducted a public hearing, following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the date hereof. 1.04. The TIF Plan and 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's files and proceedings on the TIF Plan. The Materials include the tax increment application, P 0 1 1 R E 1 81 NATURE