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RESOLUTION 98- 94 CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO. 1 AND ADOPTING THE DEVELOPMENT PROGRAM THEREFOR; AND ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO. 1, TAX INCREMENT FINANCING DISTRICT NO. 20, AND ADOPTING THE RELATED TAX INCREMENT FINANCING PLAN THEREFOR. BE IT RESOLVED by the City Council (the "Council") of the City of Elk River, Minnesota (the "City") as follows: Section 1. - Recitals. 1.01. The EDA has heretofore established Municipal Development District No. i and adopted the Development Program therefor. It has been proposed that the City modify Development District No. 1 and adopt the Development Program therefor and establish within Development District No. 1, Tax Increment Financing District No. 20 ("District No. 20'), and adopt the related Tax Increment Financing Plan therefor (collectively, the "Program" and "Plan"); all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 through 469.179, inclusive, as amended, all as reflected in the Program and Plan and presented for the Council's consideration. 1.02. The Council has investigated the facts relating to the Program and Plan. 1.03. The City has performed, or will perform, all actions required by law to be performed prior to the adoption of the Program and Plan by the City, including, but not limited to, notification of Sherburne County and School District No. 728 having taxing jurisdiction over the property included in District No. 20, a request for review of and written comment on the Program and Plan by the City Planning Commission, and a request that the Council schedule a public hearing on the Program and Plan upon published notice as required by law. 1.04 Certain written reports (the "Reports") relating to the Program and Plan and to the activities contemplated therein have heretofore been prepared by staff and submitted~to the Council and/or made a part of the City files and proceedings on the Program and Plan. The Reports include data, information and/or substantiation constituting or relating to (1) the "studies and analyses" on why the new District No. 20 meets the so-called '%ut for" test; and (2) the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies, and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein.