7.1. SR 04-21-2014 - Laserfiche WebLink

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�j City of Elk Resolution 14- River A Resolution of the City of Elk River Approving the Modification of the Development Program for a Development District No. I, Establishing a Tax Increment Financing District and Approving a Tax Increment Financing Plan Therefor 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 City modify the Development Program (the "Program Modification") for Development District No. 1 (the "Development District"), establish Tax Increment Financing District No. 24 within the Development District (the "TIF District") and adopt the related Tax Increment Financing Plan therefor (the "TIF Plan") all pursuant to and in conformity with applicable law,including Minnesota Statutes, Sections 469.124 through 469.133 and Sections 469.174 through 469.1794, as amended (the "TIF Act"), all as reflected in that certain document entitled "Modification to the Development Program for Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing (Housing) District No. 24 (Blackhawk Woods Senior Living Development)", and presented for the Council's consideration. 1.02. The City has performed all actions required by law to be performed prior to the approval of the Program Modification and the TIF Plan, including without limitation delivery of the Program Modification and the TIF Plan to the Board of Sherburne County (the "County") and the Board of Independent School District No. 728 (the "School District"), and the holding of a public hearing by the City thereon following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.03. The Council has investigated the facts relating to the Program Modification and the TIF Plan; at the public hearing the City Council heard testimony from all interested parties on the TIF Plan; the City Council has considered the documentation submitted in support of the TIF District and TIF Plan,including data,information and/or substantiation constituting or relating to why the TIF District meets the requirements to be a housing tax increment financing district and why the assistance satisfies the "but for" test; and the City Council has taken into account the information and knowledge gained in hearings upon and during consideration of other matters relating to the proposed Development. Section 2. Findings for the Adoption and Approval of the Program Modification and TIF Plan. 2.01. The City Council hereby finds that the creation of the TIF District and adoption of the TIF Plan therefor, are intended and,in the judgment of the City Council, their effect will be, to carry out the objectives of the Program Modification and to create an impetus for the construction of low and moderate income housing, and will otherwise promote certain public purposes and accomplish certain objectives as specified in the Program Modification and TIF Plan. p I I E I E 0 1T NATURE