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. . . RESOLUTION NO. 88-95 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR THE PAYMENT OF $60,100 GENERAL OBLIGATION TAX INCREMENT (TAXABLE) BONDS, SERIES 1988B BE IT RESOLVED by the City Council of the City of Elk River, Minnesota as follows: Section 1. Findings: Costs. 1.1) The City has duly established Development District No.1 (the District), Tax Increment Financing District No.5 (the TIF District), and adopted a Tax Increment Financing Plan (the TIF Plan) for the TIF District, all pursuant to Chapter 469 of The Minnesota Statutes (the Act). 1.2) The purpose of the District is to acquire and improve a development site, described in Exhibit A attached hereto, located within the District (the Property) to provide the incentive necessary for Alltool Company to remain in and to expand its operations in the City, resulting in increased employment in the City and the preservation and enhancement of the City's tax base. 1.3) As originally adopted the TIF Plan contemplated costs of Two Hundred Ninety-nine Thousand Nine Hundred Dollars ($299,900) to be financed by means of the issuance of general obligation taxing increment bonds. Pursuant to Resolution No. 88-79 adopted by this council on September 12, 1988, General Obligation Tax Increment (Taxable) Bonds, Series 1988A, in the principal amount of Two Hundred Ninety-nine Thousand Nine Hundred Dollars ($299,900) were issued and sold to Bank of Elk River to provide financing pursuant to the TIF Plan. Subsequently, it has been determined that costs will be incurred in the amount of Sixty Thousand One Hundred Dollars ($60,100) in addition to the costs of Two Hundred Ninety-nine Thousand Nine Hundred Dollars ($299,900), contemplated in the TIF Plan as originally adopted. Accordingly, the TIF Plan has been amended to provide for financing of such additional costs out of tax increments from the TIF District. It is necessary and desirable to the sound financial management of the City and its orderly economic development that the City issue and sell bonds pursuant to the Act to provide financing for the purchase and improvement of the Property. Section 2. Authorization of Bonds. 2.1) This Council hereby determines that it is necessary and in the best interests of the City for the City to issue its General Obligation Tax Increment (Taxable) Bonds, Series 1988B in the principal amount of Sixty Thousand One Hundred Dollars ($60,100) (the Bonds) for the purpose of financing the cost of purchasing the Property.