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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • CITY OF ELK RIVER <br /> SHERBURNE COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION <br /> RESOLUTION OF THE ELK RIVER ECONOMIC DEVELOPMENT <br /> AUTHROITY RECOMMENDING THAT THE CITY COUNCIL ADOPT THE <br /> TAX INCREMENT FINANCING PLAN FOR THE CREATION OF TIF <br /> DISTRICT 21. <br /> WHEREAS, Tax Increment Financing has been proposed for use in the acquisition of <br /> land for private industrial development in the West Business Park; and <br /> WHEREAS, the project is proposed at a site which has been identified for industrial <br /> development and which the Economic Development Authority has been actively <br /> marketing for a two and one half year period; and <br /> • WHEREAS, the proposed project meets the Elk River Economic Development <br /> Authority's requirements for the use of Tax Increment Financing as stated in the Tax <br /> Increment Financing Policies; and <br /> WHEREAS, the proposed project contributes to the fulfillment of the City's Strategic <br /> Plan for Economic Development by promoting development in the West Business Park, <br /> expanding and diversifying the City's industrial base, and creating opportunities for quality <br /> employment in the Elk River area.. <br /> THEREFORE BE IT RESOLVED, that the Elk River Economic Development Authority <br /> recommends that the Elk River City Council approve at its August 21, 2000 meeting, along <br /> with the subsequent Modifications to Development District No. 1, the Tax Increment <br /> Financing Plan for the creation of Tax Increment Financing District No. 21. <br /> Approved this day of August 14, 2000. <br /> Patrick Dwyer, Chair <br /> ATTEST: <br /> • Catherine Mehelich, Executive Director <br />