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i CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION NO. 13-53 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 AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Mimiesota(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 District No. 23 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 "Modification to the Development Program for Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 23 (Preferred Powder Coating Project)", and presented for the Council's consideration. 1.02. The City has performed all actions required by law to be performed prior to the modification and approval of the Program Modification and the TIF Plan, delivery of the Program Modification and the TIF Plan to the Board of Sherburne 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 following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.03. The Council has investigated the facts relating to the Program Modification and the TIF Plan; at the public hearing the City Council heard testimony from all interested parties on the TIF Plan; the City Council has considered the documentation submitted in support of the TIF District and TIF Plan, including data, information and/or substantiation constituting or relating to why the TIF District meets the requirements to be an economic development tax increment financing district and why the assistance satisfies the "but for" test; and the City Council has taken into account the information and knowledge gained in hearings upon and during consideration of other matters relating to the proposed Development. 1.04. The City has caused to be prepared a Development Agreement, among the City, and Preferred Real Estate Holdings, LLC (the "Developer") and Preferred Powder Coating, LLC (the "Company"), a form of which is on file with the City, pursuant to which the Developer 430951Q JSB ELI 85-22