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HOUSINGANDREDEVELOPMENT AUTHORITY INAND FORTHE <br />CITY OFELKRIVER, MINNESOTA <br />CITY OF ELK RIVER <br />SHERBURNECOUNTY <br />STATEOFMINNESOTA <br />RESOLUTION NO. _____________ <br />AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS <br />IN CONNECTION WITH A TAX INCREMENTFINANCINGDISTRICT <br />BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment <br />Authority in and for the City of Elk River, Minnesota (the “HRA”) asfollows: <br />Section 1. Background. <br />1.01. The HRA and theCity ofElk River (the “City”) are consideringestablishing aTax <br />Increment Financing Districtwhichisanticipated toincludecertainblighted andunderusedreal <br />property located near the intersection of Main St NW and Gates Ave NW (the “TIF District”) <br />pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “TIFAct”). <br />1.02. The HRA orthe City may incurcertain costsrelatedto the TIF District whichmay <br />be financed on a temporary basis from available HRA funds. <br />1.03. Under Section469.178, Subdivision 7 ofthe TIFAct, the HRA and the Cityare <br />authorized to advance or loan money from any fund from which such advances may be legally <br />made in order to finance expenditures that are eligible to be paid with tax increments under the <br />TIF Act. <br />1.04. On December 1, 2017, City Council of the City and the Board adopted interfund <br />loan resolutions (collectively, the “First Interfund LoanResolution”) authorizing the payment of <br />certaincosts by the HRA and the City on a temporary basis from the City' s General Fund, the <br />HRA' s General Fund or any otherfund from which such advances, from time to time, may be <br />legally made (the "Fund") in an aggregate amount not to exceedthe greater of $1,100,000 or the <br />adopted and, if applicable, the Tax Increment Financing Plan budget for the TIF District pursuant <br />to Minnesota Statutes, Section 469.178, Subd. 7. Suchcosts included without limitation (i) <br />administrative costs incurred prior to the establishment of the TIF District, subject to the <br />limitations of the TIFAct, and (ii) certaincostsincurred in connection witha study of blighting <br />conditions, engineering, land and building acquisition, demolition and sitepreparation costs (the <br />Qualified Costs”). <br />1.05. On October 7, 2019, the City Council ofthe City and the Board adoptedresolutions <br />supplementing the First Interfund Loan Resolution (the “Second Interfund Loan Resolution, and <br />together with theFirst Interfund Loan Resolution, the “Original Interfund Loan Resolution”). <br />1 <br />510729v1 JSBEL185-48 <br />20-01