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City of Elk River <br />City Council <br />Resolution 24-____ <br />A Resolution of the City Council of the City of Elk River Approving a <br />Modification of the Development Program for Municipal Development <br />District No. 1, the Establishment of Tax Increment Financing District <br />29, and a Tax Increment Financing Plan Therefor <br />BE IT RESOLVED by the City Council (the “City Council”) of the City of Elk River, <br />Minnesota (the “City”) as follows: <br />Section 1. Background. <br />1.01. The City has previously established Development District No. 1 (the <br />“Development District”) within the City and has approved a Development Program therefor <br />(the “Development Program”) in accordance with Minnesota Statutes, Sections 469.124 <br />through 469.133, as amended (the “City Development District Act”). <br />1.02. The City has proposed to establish Tax Increment Financing District No. 29 <br />(the “TIF District”), an economic development district within the Development District, <br />and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to the City <br />Development District Act and Minnesota Statutes, Sections 469.174 through 469.1794, as <br />amended (the “TIF Act”). To that end, the City has caused to be prepared a Modification to <br />the Development Program (the “Development Program Modification”) and the TIF Plan. <br />Copies of the Development Program Modification and the TIF Plan are on file with the <br />City. <br />1.03. The City and its consultants have performed all actions required by law to be <br />performed prior to the adoption and approval of the Development Program Modification <br />and the TIF Plan, including without limitation notification of the commissioner of <br />Sherburne County, Minnesota (the “County”) representing the area included in the TIF <br />District, notification of the County Auditor of the County and Clerk of the Board of <br />Education of Independent School District No. 728 (the “School District”). In addition, on <br />the date hereof, the City Council conducted a public hearing, following notice thereof <br />published in the City’s official newspaper at least 10 but not more than 30 days prior to the <br />date hereof. <br />1.04. The TIF Plan and certain information and material (collectively, the <br />“Materials”) relating to the TIF Plan and to the activities contemplated therein have <br />heretofore been prepared and submitted to the Council and/or made a part of the City’s files <br />and proceedings on the TIF Plan. The Materials include the tax increment application, <br />Page 365 of 464