7.0. SR 01-27-1997 - Laserfiche WebLink

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2.02. The Council further finds, determines, and declares that Tax Increment Financing District No. 16 qualifies as a Redevelopment District pursuant to Minnesota Statutes, Section 469.174, Subdivision 10. 2.03. The Council further finds, determines, and declares that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of Tax Increment Financing is deemed necessary. 2.04. The Council further finds, determines, and declares that the proposed Plan for Tax Increment Financing District No. 16 conforms to the Comprehensive Plan of the City. 2.05. The Council further finds, determines, and declares that the proposed Plan for Tax Increment Financing District No. 16 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of areas within Development District No. I by private enterprise. 2.06. The Council determines and declares that Tax Increment Financing District No. 16 located within Development District No. 1 is hereby established. Section 3. - Adoption of the Plan. 3.01. The Plan presented to the Council on this date, is hereby approved and adopted and shall be placed on file in the office of the City Clerk. Section 4. - Implementation of the Plan. The City Administrator and Assistant City Administrator are authorized and directed to proceed with the implementation of this Plan, and for this purpose, to negotiate, draft, prepare, and present to the Council for its consideration, all future plans, resolutions, documents, and contracts. Adopted by the City Council of the City of Elk River, Minnesota, this 27th day of January, 1997. ATTEST: Henry A. Duitsman, Mayor Sandra A. Thackeray, City Clerk