7.1 HRSR 03-03-2014 - Laserfiche WebLink

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CITT41F ELK N-ITER, r.. CITY OF SHERBURNE COUNTY STATE OF 1' RESOLUTION NO. 14 -01 WHEREAS, There is a proposal to modify Development District No. 1, establish Tax Increment Financing District No. 24, adopt a Modification to the Development Program (the "Development Program Modification "), and adopt the Tax Increment Financing Plan (the "TIF Plan ") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the "Program Modification and TIF Plan "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.134, and Sections 469.174 to 469.1794, inclusive, as amended (the "Act "); and WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota (the "HRA ") has received a report and other information relating to the Program Modification and TIF Plan and the proposed development of an 84 -unit senior living townhome community consisting of approximately 49 1- bedroom units, 35 2- bedroom units, and a clubhouse activity center (the "Blackhawk Woods Project "); and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota as follows: 1. The HRA hereby finds that the Program Modification and TIF Plan and the Blackhawk Woods Project will increase decent, safe and sanitary affordable housing for seniors in the City and the state and preserve and enhance the tax base of the City and the state. 2. The HRA recommends that the City Council call for a public hearing and consider establishing Tax Increment Financing District No. 24 and adopting the Program Modification and TIF Plan for the Blackhawk Woods Project. Approved by the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota this 3rd day of March, 2014. Chair ATTEST: Secretary 432917v1 EL185 -22