4.2. SR 12-01-1997 - Laserfiche WebLink

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RESOLUTION 97 - CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA A RESOLUTION MODIFYING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5 BE IT RESOLVED by the City Council ( the "Council") of the City of Elk River, Minnesota (the "City") as follows: Section 1. - Recitals. 1.01. It has been proposed that the Council modify the Tax Increment Financing Plan ("Plan Modification") for Tax Increment Financing District No. 5, and adopt the related Plan Modification therefore, pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 through 469.179, all inclusive, as amended, all as reflected in the Plan Modification, and presented for the Council's consideration. 1.02. The Council has investigated the facts relating to the Plan Modification. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the proposed Plan Modification, including, but not limited to, notification of Sherburne County and School District No. 728 having taxing jurisdiction over the property located within District No. 5, a review of and action taken on the Plan Modification by the City Planning Commission, and the holding of a public hearing upon published notice as required by law. 1.04. Certain written reports (the "Reports") relating to the Plan Modification and to the activities contemplated therein have heretofore been prepared by staff and submitted to the Council and/or made a part of the City files and proceedings on the Plan Modification. The Reports include data, information, and/or substantiation constituting or relating to the basis for findings and determinations made in this Resolution. The Council hereby confirms, ratifies, and adopts the Reports which are hereby incorporated into and made as fully a part of this Resolution to the same extent as if set forth in full herein. Section 2. - Findings for the Adoption and Approval of the Plan Modification. 2.01. The Council hereby finds that the Plan Modification is intended, and in the judgment of this Council, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Development Program for Development District No. 1 and the original Tax Increment Financing Plan for Tax Increment Financing District No. 5, which are hereby incorporated herein.