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RESOLUTION 02- 02 <br /> A RESOLUTION OF THE ELK RIVER <br /> HOUSING AND REDEVELOPMENT AUTHORITY <br /> A RESOLUTION APPROVING TAX INCREMENT FINANCING <br /> DISTRICT NO. 16 INTERFUND LOAN <br /> WHEREAS, on January 27, 1997, the Housing and Redevelopment Authority in and for <br /> the City of Elk River approved a tax increment financing plan for Tax <br /> Increment Financing District No. 16;and, <br /> WHEREAS, the Housing and Redevelopment Authority purchased three parcels and <br /> provided for all necessary relocation, removal of substandard structures, and <br /> site preparation to facilitate redevelopment to ultimately increase the city's <br /> tax base;and, <br /> WHEREAS, the Housing and Redevelopment Authority, at the time of the adoption of <br /> TIF 16, intended to reimburse itself for all such costs outstanding after the <br /> sale of the property through tax increments generated by the redevelopment <br /> project;and, <br /> • WHEREAS, the redevelopment project is complete and the estimated tax increment <br /> revenue to repay this previously authorized loan has been used to calculate an <br /> estimated amortization schedule for this loan. <br /> NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment <br /> Authority in and for the City of Elk River that the TIF 16 interfund loan <br /> authorized at the time of adoption of TIF 16 be adopted based on the <br /> amortization schedule as attached. <br /> Passed and adopted by the Elk River Housing and Redevelopment Authority this 23rd day of <br /> September,2002. <br /> °Irv' Aft <br /> ATTEST: Larry Toth, Chair <br /> „Wielt-ej <br /> Catherine Mehelich, Executive Director <br />