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Of "�=T City of Elk River Ver City Council Resolution 20- 19 A Resolution of the City Council of the City of Elk River Authorizing an Interfund Loan for Advance of Certain Costs in Connection with a Tax Increment Financing District BE IT RESOLVED By the City Council of the City of Elk River, Minnesota (the "City") as follows: Section 1. Background. 1.01. The City and the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota (the "HRA") are considering establishing a Tax Increment Financing District which is anticipated to include certain blighted and underused real property located near the intersection of Main St NW and Gates Ave NW (the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"). 1.02. The HRA or the City may incur certain costs related to the TIF District which may be financed on a temporary basis from available HRA funds. 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the HRA and the City are authorized to advance or loan money from any fund from which such advances may be legally made in order to finance expenditures that are eligible to be paid with tax increments under the TIF Act. 1.04. On December 1, 2017, Board of Commissioners of the City and the City Council adopted interfund loan resolutions (collectively, the "First Interfund Loan Resolution") authorizing the payment of certain costs by the HRA and the City on a temporary basis from the City' s General Fund, the HRA' s General Fund or any other fund from which such advances, from time to time, may be legally made (the "Fund") in an aggregate amount not to exceed the greater of $1,100,000 or the adopted and, if applicable, the Tax Increment Financing Plan budget for the TIF District pursuant to Minnesota Statutes,, Section 469.178, Subd. 7. Such costs included without limitation (i) administrative costs incurred prior to the establishment of the TIF District, subject to the limitations of the TIF Act, and (ii) certain costs incurred in connection with a study of blighting conditions, engineering, land and building acquisition, demolition and site preparation costs (the "Qualified Costs"). 1.05. On October 7, 2019, the Board of Commissioners of the HRA and the City Council adopted resolutions supplementing the First Interfund Loan Resolution (the "Second Interfund Loan Resolution, and together with the First Interfund Loan Resolution, the "Original Interfund Loan Resolution"). P I M E I E I 1 1 NAruRE