5.0. 6.0. 7.0. EDSR 07-13-1998 - Laserfiche WebLink

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City of Elk River, Minnesota Section F Duration of the TIF District and the Three Year Rule • Redevelopment districts may remain in existence 25 years from the date of receipt of the first tax increment. This term shall be reduced to 20 years if the City elects to delay receipt of the first tax increment until a minimum market value for the TIF District is reached or exceeded, or four years have elapsed from the date of certification, whichever is earlier. Modifications of this plan (see Section AA) shall not extend these limitations. The City does not elect to delay receipt of the first tax increment. The City reserves the right to allow the TIF District to remain in existence the maximum duration allowed by law (proiected to be through the year 2024). All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. In addition, no tax increments shall be paid to the City from the TIF District after three years from the date of certification unless within that time period: (1) bonds have been issued in aid of the Project Area (except revenue bonds issued pursuant to M.S. Sections 469.152 to 469.165); (2) the City has acquired property within the TIF District; or (3) the City has constructed public improvements within the TIF District. Section G Property to be Included in the TIF District The TIF District is a 156.37 acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by • the TIF District are described below: PID #'s: 75-002-2200 75-002-2300 75-135-3420 75-135-3315 75-135-3310 In addition, the following property is to be included in the TIF District: That part of the West half of the Northwest Quarter of Section 2 and that part of the East half of the Northeast Quarter of Section 3, both in Township 32, Range 26, and that part of the East half of the Southeast Quarter of Section 34 and that part of the West half of the Southwest Quarter of Section 35, both in Township 33, said Range 26, all in Sherburne County, Minnesota, described as follows: Beginning at the Northeast corner of said West half of the Northwest Quarter of Section 2; thence South, along the East line of said West half of the Northwest Quarter of Section 2, to the Southeast corner of said West half of Northwest Quarter of Section 2; thence West, along the South line of said West half of the Northwest Quarter of Section 2, to the Southwest corner of said West half of the Northwest Quarter of Section 2; thence West, along the South line of said East half of the Northeast Quarter of Section 3, to the intersection with the Northeasterly right-of-way line of the Burlington Northern Railroad; thence Northwesterly, along said Northeasterly right-of-way line of the Burlington Northern Railway, to the intersection with the Westerly right-of-way line of U.S. Highway No. 169, thence Northerly, Easterly, and Northerly along the Westerly, Northerly and Westerly right-of-way line of said U.S. Highway No. 169 to the intersection with a line, to be hereinafter described as follows: SPRINGSTED Page 3