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pity of Elk River <br />pity Council <br />Resolution 17- 85 <br />A Resolution of the City Council of the City of Elk River Authorizing an <br />Interfund Loan for Advance of Certain Costs in Connection With a Tax <br />Increment Financing District <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />Section 1. Background <br />1.01. The City and the Housing and Redevelopment Authority in and for the City <br />of Elk River, Minnesota (the "HRA") are considering establishing a Tax Increment <br />Financing District which is anticipated to include certain blighted and underused real <br />property located near the intersection of Main St NW and Gates Ave NW, and 3 s St NW <br />(the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as <br />amended (the "TIF Act"). <br />1.02. The City or the HRA may incur certain costs related to the TIF District <br />which may be financed on a temporary basis from available HRA funds. <br />1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the City and the HRA <br />are authorized to advance or loan money from any fund from which such advances may be <br />legally made in order to finance expenditures that are eligible to be paid with tax increments <br />under the TIF Act. <br />1.04. The City has determined that it or the HRA may pay for administrative costs <br />associated with the establishment of the TIF District and certain other costs incurred in <br />connection with the proposed development of the TIF District, including but not limited to <br />a study of blighting conditions, engineering, land and building acquisition of properties along <br />Main St NW, Gates Ave NW and 3`s St NW, demolition and site preparation costs (the <br />"Costs Advances") on a temporary basis from the City's General Fund, the HRA's General <br />Fund or any other fund from which such advances, from time to time, may be legally made <br />(the "Fund") as an interfund loan pursuant to Minnesota Statutes, Section 469.178, Subd. 7. <br />1.05. The City hereby designates the Costs Advances as an interfund loan in <br />accordance with the terms of this resolution and the TIF Act. <br />lo21R[I II <br />MATURE <br />