4.2. SR 12-21-1998 - Laserfiche WebLink

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RESOLUTION 98 - CITY OF ELK RIVER COUNTY OF SHERBURNE STATE OF MINNESOTA RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 9 LYING WITHIN DEVELOPMENT DISTRICT NO. 1 IN THE CITY OF ELK RIVER BE IT RESOLVED, by the City Council of the City of Elk River, Minnesota as follows: WHEREAS, the City created Tax Increment Financing District No. 9 in 1993; and, WHEREAS, TIF District No. 9 was utilized as a financing mechanism to fund a manufacturing project in the Elk River Industrial Park; and, WHEREAS, the budget within TIF District No. 9 was modified as per State Statutes by City Council action on December 21, 1998, to allow additional expenditures for tax increment to occur in 1999; and, WHEREAS, excess tax increment revenues which have been generated will be expended by December 31, 1999, on public improvements, administrative costs, and/or land acquisition as identified within a Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 9 adopted December 21, 1998; and, WHEREAS, Tax Increment Financing District No. 9 accomplished the objectives as set forth within the Tax Increment Financing Plan for Tax Increment Financing District No. 9 and the Development Program for Development District No. 1; and, WHEREAS, the manufacturing project facilitated through the use of tax increment dollars generated from Tax Increment Financing District No. 9 has created and sustained substantial employment and tax base within the City of Elk River, School District 728, and Sherburne County; and, WHEREAS, the tax revenues generated from properties within Tax Increment Financing District No. 9 would not be available on