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RESOLUTION 98 - 2 • ECONOMIC DEVELOPMENT AUTHORITY CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO. 1 AND ADOPTING THE DEVELOPMENT PROGRAM THEREFOR;AND ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO. 1, TAX INCREMENT FINANCING DISTRICT NO. 19, AND ADOPTING THE RELATED TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the Board of Commissioners (the "Board") of the City of Elk River Economic Development Authority ("EDA") of the City of Elk River, Minnesota ("City") as follows: Section 1. - Recitals. 1.01. It has been proposed that the EDA modify Development District No. 1 and adopt the Development Program therefor and establish within Development • District No. 1, Tax Increment Financing District No. 19.("District No. 19"), and adopt the related Tax Increment Financing Plan therefor (collectively, the "Program" and"Plan"); all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 through 469.179, inclusive, as amended, all as reflected in the Program and Plan and presented for the Board's consideration. 1.02. The Board has investigated the facts relating to the Program and Plan and has caused the Program and Plan to be prepared. 1.03. The EDA has performed all actions required by law to be performed prior to the adoption of the Program and Plan by the City, including, but not limited to, notification of Sherburne County and School District No. 728 having taxing jurisdiction over the property included in District No. 19, a request for review of and written comment on the Program and Plan by the City Planning Commission, and a request that the Council schedule a public hearing on the Program and Plan upon published notice as required by law. Section 2. - Findings for the Adoption and Approval of the Program and Plan. 2.01. The Board hereby finds that District No. 19 is in the public interest and is a"Redevelopment District" under Minnesota Statutes, Section 469.174, subd. 10, and finds that the adoption of the proposed Program and Plan will advance the • EDA's and City's objectives of encouraging development within Development District No. 1.