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• ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 02-02 RESOLUTION APPROVING DEVELOPMENT PROJECT AND DEVELOPMENT PROGRAM BE IT RESOLVED by the Board of Commissioners (the "Board") of the Elk River Economic Development Authority(the "EDA") as follows: Section 1. Recitals. 1.01. It has been proposed that the EDA establish its Development Project No. 1 (the "Project") and adopt the Development Program for the Project to reflect public development and redevelopment costs and activities, all pursuant to Minnesota Statutes, Sections 469.090 through 469.108, 469.001 through 469.047, and 469.124 through 469.134, respectively(collectively, the "Plans"); and all as reflected in that certain document entitled in part "Development Project No. 1 of the Elk River Economic Development Authority," dated April 8, 2002, and presented for the EDA's consideration. As used herein, the term "development" includes redevelopment. 1.02. The Board has investigated the facts relating to the Plans and has caused the Plans to be prepared. 1.03. The EDA has performed certain actions required to be performed prior to the adoption and approval of the Plans, including the holding by the Board of a public hearing thereon. The EDA has also requested that the Elk River City Council hold a public hearing on and thereafter consider approving the Plans. Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Board hereby finds that the Plans are in the public interest. 2.02. The Board further finds that, based in part upon the nature of the subject properties and the intended development thereof, the proposed development would constitute a "redevelopment project" under Minnesota Statutes, Section 469.002, Subdivision 14 (in part because the successful completion of improvements in the Project is believed to lessen or prevent emergence of factors, such as population downturn and resultant economic stagnation, which may contribute to the emergence of blight); that the proposed developments would not or could not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of EDA powers is deemed necessary; that the Plans conform to the general plan for the development or redevelopment of the City as a whole because the proposed project is properly zoned or designated for the intended uses, and the anticipated development is in furtherance of long range plans of the City for the respective areas; and that the Plans will afford • maximum opportunity consistent with the sound needs of the City as a whole, for the development of the Project by private enterprise and otherwise because they will enable the EDA to provide and finance suitable and necessary public inducements. 1382791v1 1