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RESOLUTION 98 - 7 ECONOMIC DEVELOPMENT AUTHORITY CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA A RESOLUTION REQUESTING THE CITY COUNCIL OF THE CITY OF ELK RIVER TO CALL FOR A PUBLIC HEARING ON THE MODIFICATION OF THE BUDGET IN THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 9 BE IT RESOLVED by the Board of Commissioners (the "Board") of the Economic Development Authority of the City of Elk River, Minnesota (the "EDA"), as follows: WHEREAS, the City Council ("the Council") of the City of Elk River, Minnesota (the "City") established Municipal Development District No. 1 pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and, WHEREAS, the EDA created Tax Increment Financing District No. 9 for the purpose of encouraging economic development; and, • WHEREAS, the EDA has examined the budget in the Tax Increment Plan for Tax Increment District No. 9 and determined it to be in the best interest of the EDA to modify such budget pursuant to and in accordance with Minnesota Statutes, Sections 469.090 through 469.1081 and Sections 469.174 through 469.179, inclusive, as amended. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby requests that the Council call for a public hearing on December 21, 1998, to consider the proposed budget modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 9 and cause notice of said public hearing to be given as required by law. 2. The Executive Director of the EDA is hereby directed to submit a copy of the budget modification to the Council for its approval. 3. The EDA directs the Executive Director to transmit the budget modification to the Sherburne County and Independent School District No. 728 in which Tax Increment Financing District No. 9 is located not later than November 20, 1998. •