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i <br />Extract of Minutes of Meeting of the <br />Board of Commissioners of the Housing and Redevelopment <br />Authority of the City of Elk River, Sherburne County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners of <br />the Housing and Redevelopment Authority of the City of Elk River, Minnesota, was duly held in <br />the City Hall in the City of Elk River, on June 7, 2010, commencing at or after 5:30 P.M. <br />The following members were present: Chair Wilson, Commissioners Kuester, <br />Lieser, Motin and Toth <br />and the following were absent: None <br /> <br />Member Toth introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 10-01 <br />RESOLUTION ADOPTING A SPENDING PLAN FOR TAX INCREMENT FINANCING <br />DISTRICT NO. 16 AND MODIFYING INTERFUND LOAN RESOLUTION 02-02 <br />BE IT RESOLVED By the Board of Commmissioners (the "Board") of the Housing and <br />Redevelopment Authority of the City of Elk River, Sherburne County, Minnesota (the "Authority") <br />as follows: <br />Section 1. Background; Findings. <br />(a) On January 27, 1997, the Authority established Tax Increment Financing District <br />No. 16 (a Redevelopment District) (the "TIF District") and adopted a tax increment financing <br />plan therefor (the "TIF Plan"). <br />• <br />369515v1 JSB KG400-1 <br />