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<br />. <br /> <br />. <br /> <br />. <br /> <br />, I <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE CITY <br />OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA <br /> <br />Pursuant to due call and notice thereof, a regular meetinq <br />of the City Council of the City of Elk River, Sherburne County, <br />Minnesota, was held at the City Hall in said City on Monday, <br />September 25, 1989, commencinq at 7:00 p.m. <br /> <br />The followinq members were present: H. DObel, D. Kropuenske, <br />G. Schuldt, R. Homgren & Mayor J. Tralle <br /> <br />. <br /> <br />- ...... <br /> <br />and the followinq were absent: <br /> <br />None <br /> <br />The followinq resolution was presented by Councilmember <br />Dobel who moved its adoption: <br /> <br />RESOLUTION NO. 89-59 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF $410,000 GENERAL OBLIGATION <br />TAXABLE TAX INCREMENT BONDS, SERIES 1989B <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Sherburne County, Minnesota (City) as follows: <br /> <br />Section 1. Findings: Costs. <br /> <br />1.01 The City has duly established Development District <br />No. 1 (District) and Tax Increment Financinq District No. 6 <br />(TIF District), and adopted a Tax Increment Financinq Plan (TIF <br />Plan) for the TIF District all pursuant to Minnesota Statutes, <br />Chapters 469 and 475 (collectively, the Act). <br /> <br />1.02 The purpose of the TIF Plan is to provide financinq <br />for the public development costs (Costs) of various public <br />improvements (Project) to be constructed in the District. <br /> <br />1.03 The Costs of the Project are presently estimated to <br />be as follows: <br /> <br />Property Acquisition <br />Site Clearance and Preparation <br />Administrative Costs <br />Capitalized Interest and <br />Issuance Costs <br /> <br />$ 270,000 <br />40,000 <br />31,000 <br /> <br />69,000 <br /> <br />TOTAL <br /> <br />$410,000 <br />