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RESOLUTION 95 - <br />46 A RESOLUTION FOR THE CITY OF ELK RIVER <br />A RESOLUTION MODIFYING AND EXPANDING UPON <br />RESOLUTION 95 -32 RELATING TO THE ESTABLISHMENT OF TAX <br />INCREMENT FINANCING DISTRICT NO. 12 AND THE ADOPTION <br />AND APPROVAL OF THE TAX INCREMENT FINANCING PLAN <br />RELATED THERETO <br />BE IT RESOLVED by the City Council (the Council) of the City of Elk <br />River, Minnesota (the City) that Resolution 95 -32 is modified and expanded <br />upon as follows: <br />Section 2. - FIndings for the Establishment of Tax Increment <br />Financing District No. 12 <br />2.07. The Council further finds, determines, and declares that the <br />increased market value of Tax Increment Financing District No. 12 that <br />could reasonably be expected to occur without the use of tax increment <br />financing would be less than the increase in the market value estimated to <br />result from the proposed development after subtracting the present value of <br />• the projected tax increments for the maximum duration of Tax Increment <br />Financing District No. 12 permitted by the Tax Increment Financing Plan for <br />Tax Increment Financing District No. 12. <br />Section 5. - Local Government Aid/HACA Reduction <br />In accordance with the laws of Minnesota for 1995, Chapter 264, <br />Article 5, the City of Elk River and the EDA accept the option of making a <br />qualifying local contribution in lieu of a Local Government Aid/HACA <br />reduction associated with the establishment of Tax Increment Financing <br />District No. 12. <br />Adopted by the City Council of the City of Elk River, Minnesota, this 18th <br />day of December, 1995. <br />Henry A. Duitsman, Mayor <br />ATTEST: <br />Sandra A. Thackeray, City Clerk <br />