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r NOV 2 0 2000 RESOLUTION NO. 00-4 • ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A TAX INCREMENT PLEDGE AGREEMENT RESPECTING PAYMENT OF $800,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000A, OF THE CITY OF ELK RIVER, MINNESOTA WHEREAS, it is hereby requested that the City issue and loan to the Elk River EDA the proceeds of the City's $800,000 General Obligation Tax Increment Bonds, Series 2000A (the "Bonds"),to defray certain costs of public improvements(the"Improvements")to be incurred within and for the benefit of the EDA's Tax Increment Financing District No. 19 pursuant to Minnesota Statutes, Chapters 469 and 475. NOW, THEREFORE,BE IT RESOLVED by the Board of Commissioners of the EDA as follows: 1. The Tax Increment Pledge Agreement attached hereto and made a part hereof is hereby approved, and the officers of the EDA are hereby authorized and directed to take such steps as may be necessary to execute said Agreement, in substantially the form as attached, upon approval and execution thereof by the City, and to carry out • and fulfill the provisions and requirements thereof. 2. The EDA hereby makes formal request to the City Council to issue the Bonds to assist the EDA in financing the above-mentioned costs associated with the EDA's Tax Increment Financing District No. 19. Adopted on 11/13/00 , 2000, by the Board of Commissioners of the Elk River Economic Development Authority. The motion for the adoption of the foregoing Resolution was duly seconded by Board member FARBER and upon vote being taken thereon, the following voted in favor thereof: PAT DWYER, JEFF GONGOLL, DARYL THOMPSON, PAUL MOTIN STEPHANIE KLINZING, AND LARRY KOENIG and the following voted against the same: NONE whereupon said Resolution was declared duly passed and adopted. 110 1217682.1