5.1. HRSR 09-07-2004 - Laserfiche WebLink

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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY CITY OF ELK RIVER • SHERBURNE COUNTY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION RECOMMENDING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, ESTABLISHING DOWNTOWN PHASE I TAX INCREMENT FINANCING DISTRICT NO.22 THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS,it has been recommended by the Board of Commissioners(the"Board")of the Elk River Housing and Redevelopment Authority (the "HRA") that the City adopt a Modification to the Development Program for Development District No. 1 (the"Development Program Modification")and establish Downtown Phase I Tax Increment Financing District No. 22 and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the"Program and Plan"),all pursuant to and in conformity with applicable law,including Minnesota Statutes,Sections 469.124 to 469.134,and Sections 469.174 to 469.1799, inclusive, as amended (the "Act"), all as reflected in the Program and Plan and presented for the Board's consideration; and WHEREAS,the City has investigated the facts relating to the Program and Plan and has caused the Program and Plan to be prepared; and WHEREAS, the City has performed all actions required by law to be performed prior to the adoption of the Program and Plan. The City has also requested the City Planning Commission to provide for review of and written comment on the Program and Plan and that the Council schedule a public hearing on the Program and Plan upon • published notice as required by law. NOW,THEREFORE,BE IT RESOLVED by the Board as follows: 1. The HRA hereby finds that Downtown Phase I Tax Increment Financing District No.22 is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a), and finds that the adoption of the proposed Program and Plan conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed Program and Plan will help provide employment opportunities,improve the tax base and improve the general economy of the State and thereby serves a public purpose. 2. The HRA further finds that the Program and Plan will afford maximum opportunity,consistent with the sound needs for the City as a whole,for the development or redevelopment of the project area by private enterprise in that the intent is to rovide only that public assistance necessary to make the private developments financially feasible. p Y P ry 3. The Program and Plan,as presented to the HRA on this date,are hereby approved and recommended to be established and adopted by the City Council. Approved by the Board of Commissioners of the Elk River Housing and Redevelopment Authority this day of , 2004. Chair, Stewart Wilson ATTEST: • Executive Director, Catherine Mehelich H:\SHRDOC\Downtown Revitalization\TIF\TIF Plan Docs\HRA recommending Res.doc