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• ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF <br /> ELK RIVER, MINNESOTA <br /> SHERBURNE COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 12-03 <br /> RESOLUTION DECERTIFYING <br /> TAX INCREMENT FINANCING DISTRICT NO. 19 <br /> BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic <br /> Development Authority of the City of Elk River,Minnesota("Authority") as follows: <br /> Section 1. Recitals. <br /> 1.01. The Authority established Tax Increment Financing District No. 19 (the "TIF <br /> District") within Development District No. 1 (the "Project") established by the City of Elk River, <br /> Minnesota (the "City"), all pursuant to Minnesota Statutes Sections 469.174 to 469.179 (the "TIF <br /> Act"), Sections 469.090 to 469.1081 (the "EDA Act") and Sections 469.124 to 469.134 (the <br /> "Development District Act"). The TIF District is a redevelopment district, and is administered and <br /> controlled by the Authority. <br /> • 1.02. While the maximum duration of the TIF District is 25 years after receipt of the first <br /> increment, Section 469.1763, subd. 4(b) of the TIF Act requires that the TIF District must be <br /> decertified when outstanding "in district obligations" (i.e., those issued within five years after <br /> certification of the district)have been paid(with certain exceptions not relevant here). <br /> 1.03. Upon receipt of tax increments from the 2nd half of 2012, the Authority will have <br /> paid or have received sufficient funds to pay all"in district obligations"or spending permitted under <br /> the TIF Act, so the Authority has determined that is necessary and appropriate to decertify the TIF <br /> District. <br /> Section 2. TIF District Decertified;Filing. <br /> 2.01. The TIF District is hereby deemed decertified as of December 31,2012. <br /> 2.02. Staff is authorized and directed to transmit a copy of this resolution to Sherburne <br /> County, and to return to the County(for distribution to the City, County, and school district) any tax <br /> increments from the TIF District received by the Authority which remain after paying all remaining <br /> obligations and expenditures authorized under the TIF Act, including but not limited to <br /> administrative expenses incurred in connection with administering the TIF District and the <br /> obligations thereof. <br /> S <br />