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. RESOLUTION 95- <br />CITY COUNCIL <br />CITY OF ELK RIVER <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ELK RIVER <br />TERMINATING TAX INCREMENT FINANCING DISTRICT NO. 2 <br />The City Council of the City of Elk River (the City), acting pursuant to its authority <br />under the Minnesota Tax Increment Financing Act (Minn. Stat. § §469.174 to 469 -179), <br />hereby finds, determines and resolves as follows: <br />WHEREAS, the City created Tax Increment Financing District No. 2 (TIF No. 2) in July <br />1985; and <br />WHEREAS, the purposes of TIF No. 2 included financing the necessary public <br />improvements to make possible the development of a 36 -unit apartment <br />complex for moderate income elderly persons; and <br />WHEREAS, TIF No. 2 has generated sufficient tax increment to meet the purposes set forth <br />in the TIF Plan for TIF No. 2; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as <br />follows: <br />1. That Tax Increment Financing District No. 2 shall be terminated <br />effective December 31, 1995. <br />2. That the City Council of the City of Elk River hereby directs <br />staff to proceed to take those steps necessary to terminate TIF No. 2. <br />This Resolution adopted this 18th day of December, 1995 <br />Henry A. Duitsman, Mayor <br />Attest: <br />Sandra A. Thackeray, City Clerk <br />aPXB 104251 <br />