5.1. SR 08-01-2011 - Laserfiche WebLink

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SPENDING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 16 (A REDEVELOPMENT DISTRICT) I. PURPOSE The Housing and Redevelopment Authority of the City of Elk River, Minnesota (the "HRA") proposes to adopt a Spending Plan for Tax Increment Financing District No. 16 (a Redevelopment District) (the "TIF District") in accordance with Minnesota Statutes, Section 469.176 Subd. 4m (the "Temaorarv :TIF Authority Act''). The purpose of the Spending Plan is to develop or redevelop sites, lands or areas within the City of Elk River, Minnesota (the "City") in conformance with the City's Comprehensive Plan by using available tax increments from the TIF District to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, which will create or retain jobs in this state. II. PLAN The HRA is authorized as follows: (a) To amend resolution 02-02 to defer payment of the interfund loan described therein. (b) To use available tax increments from the TIF District to provide improvements, loans, interest rate subsidies, or .assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities for (i) outpatient medical clinics,. (ii) Class I restaurants of at least 50 seats, (iii) green manufacturing or other renewable energy facilities, and (iv) general light industrial or manufacturing. The construction or substantial rehabilitation of such facilities must commence before July 1, ~fI-11- r.,,,l.,°° ^*"~~~~ ~°~~2012 (or _such_later _date as authorized b~=-lawunder the Temborarv TIF Authority Act if amended) and would not have commenced by such date without the assistance provided pursuant to this Spending Plan. (c) To amend the budget set forth in the Tax Increment Financing Plan for the TIF District as necessary to provide for the assistance authorized by this Spending Plan.. (d) To take any other action necessary and authorized under l~ .. , ~--7-€i---St~Ei~ ~- ~n he Temborarv TIF Authority Act connection with the construction or substantial rehabilitation of facilities of the type described in Clause (b) above. The assistance provided pursuant to this Plan shall. be subject to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Law"), if applicable, and shall be subject to the requirement that the recipient create or retain at least 1 full time equivalent jobs (including construction jobs) for every $25,000 of assistance provided. 369391v4 JSB EL185-12